Gold price is fluctuating up and down

Opening price 1709.00 Last closing price 1713.95 Lowest price 1704.70 Highest price 1716.43

Gold price is fluctuating up and down

On Thursday, investors were worried about the recent excessive gains, overdraft stimulus measures and economic recovery prospects. At the same time, the US trade data performed poorly, so gold once rose more than 1%, reaching a maximum of $1721.54. However, the hope of economic recovery continues to limit the rise of gold, and signs of easing of the US protest situation have also made gold partially under pressure. Focusing on US non-agricultural data during the day, it is expected to record a decline of 7.5 million in May. Although the decline in non-agricultural employment has shrunk dramatically, the unemployment rate is expected to rise further from 14.7% to 19.1%.

Technical Analysis: Gold

The market opened at 1709.00 in early trading, and then rose slightly, the highest price reached 1722.20. After that, the price narrowed down and reversed, and the current price is at 1709.35. Overall, it is in a downward trend of fluctuation.

On the 1-hour chart, the price is in a trend of stagnation and a narrow range of fluctuations. The price slightly rebounds upwards. It should soon touch the center line of the Bollinger Bands and jump upwards. The European and American markets can consider the market according to the upward trend of shocks.

MACD divergence, DIF is still above the zero axis, indicating that the market is still not out of the bull market, but there are signs of kinetic energy exhaustion, indicating that the market is not clear, mainly focusing on the relationship between the zero axis and DIF to determine the long and short direction.

Day trade strategy: light long positions, profitable positions closed before the advent of non-agricultural, pay attention to non-agricultural data at 8:30 in the evening.

Resistance: 1715 1720 1730
Support: 1705 1700 1690

Important information of the day:

20:30 US non-agricultural employment population change after seasonal adjustment in May (ten thousand)

Z.com Bullion Analyst: Tony Liu