Be alert to retracement of gold price 

Opening price 1739.50 Yesterday closing price 1739.31 Lowest price 1735.90 Highest price 1733.34

Be alert to retracement of gold price 

On Monday, U.S. protests superimposed international trade worries, which drove gold to a more than one-week high of $1744.69. However, the short-term anticipation of economic recovery has offset the effect of rising U.S. protests and international trade concerns. If economic data continues to improve, it may continue to suppress gold prices. Affected by the rebound in the stock market, fund managers reduced their holdings of gold ETFs. However, analysts pointed out that the downward pressure on the global economy is still high, which may promote more stimulus measures, which is still bullish for the gold price in the long run.

Technical Analysis: Gold

From last Friday to this Tuesday, gold completed the low down and then reversed upwards to complete the V-shaped reversal pattern. It is currently at 1738.94. The market is in a post-trend consolidation pattern. It is mainly necessary to pay attention to the reversal of the price.

On the 4-hour chart, you can clearly see that after the V-shaped reversal, the market is in a stage of consolidation and shock. Generally speaking, the price is at the upstream level, and there is no obvious trace of falling on the Bollinger Band track. The MACD kinetic energy is above the zero axis, the DIF does not show the downward trend of the probe, and the overall price remains stable.

The RSI shows a downward trend after touching overbought, and pay attention to whether it touches the 70 level and the downward signal within the day.

Day trade strategy:In the volatile trend, long and short trades can be made according to the Bollinger Bands upper and lower track lines. Within the day, be wary of the price pullback trend. See long-term profit recommendations and timely understanding of the harvest.

Resistance: 1742 1745 1750
Support: 1730 1720 1710

Z.com Bullion Analyst: Tony Liu