Opening price 1726.10 Yesterday closing price 1727.72 Lowest price 1720.20 Highest price 1731.88
Gold price refreshes two-week low
Market risk appetite increased on June 2 and safe-haven currencies fell. The US dollar refreshed its lows since March 13 to 97.42. The Japanese yen fell more than 100 points against the US dollar to a seven-week low, due to investors’ concerns about economic reopening and constructive Economic data, including higher-risk currencies including the Australian dollar, New Zealand dollar and Canadian dollar, continued to soar; spot gold fell more than $10, refreshing its low of nearly two days to $1721.45 per ounce. Cloth oil contract in August rose more than 3%, hitting a new high since April 2 to 39.75 US dollars / barrel, OPEC + oil-producing countries gradually reached a consensus to extend production cuts.
Technical Analysis: Gold
Yesterday, the price of gold rose first and then fell, reaching an intraday high of 1745.57. There was a flash collapse at night, which fell to 1720.96 within three hours. Today opened at 1726.10 in early trading and is currently at 1727.53.
On the 1-hour chart, after a sharp decline, the price fluctuated up and down in the range of 1720-1730, maintaining the volatile market. The overall market is at a low level recently. Located in the track section below the Bollinger Band, there are currently climbing signs, but it has not yet reached the middle rail line and returned to the horizontal position.
The MACD seller market is more obvious, DIF is in the lower position of the zero axis, and the rising kinetic energy has not yet shown. Indicate the bear market.
The RSI value is in the range of about 40, and there is no rising sign. According to the RSI instruction, the market has a chance to enter a wave of rising prices.
Day trade strategy: light long positions, beware of the downward trend. The volatile market is the main trend.
Resistance: 1735 1740 1745
Support: 1720 1710 1705
20:15 US ADP employment in May (ten thousand)
Z.com Bullion Analyst: Tony Liu