Opening price 1682.74 Yesterday closing price 1684.76 Lowest price 1676.00 Highest price 1691.41
Gold prices under pressure
Last Friday, the non-farm payrolls data was much better than expected, which strengthened the market’s expectation of the recovery of the US economy. At the same time, traders gave up negative interest rate bets, and the gold plunge triggered a stop loss that led to further selling of gold, which was the second epidemic. Contagion risks still exist, while international trade tensions may delay the pace of global economic recovery, and therefore also support the price of gold. The most important thing is that the continued massive global easing will eventually lead to inflation, which is also beneficial to the price of gold. This week, focus on US CPI data and Fed resolutions.
Technical Analysis: Gold
Last Friday’s non-agricultural data led to a large fall in gold prices below 1700, the lowest to 1670 position. Today opened at 1682.74 in early trading, with a slight rebound. The opening has been in a volatile and climbing trend so far, currently at 1693.
On the 1-hour chart, the Bollinger Bands exposure caused by non-agriculture has not recovered yet, but the price has moved above the middle rail line, the upward trend is obvious, the inertia of price pressure has not been eliminated, and the climbing kinetic energy is not enough.
MACD still shows the advantage of falling kinetic energy, focusing on the position of DIF jumping above the zero axis and the bottom divergence pattern.
Day trade strategy: You can do more than 1700 before 8 o’clock in the evening. Look at the signal indication during the European and American hours, and light the long position.
Resistance: 1700 1710 1720
Support: 1690 1680 1670
Z.com Bullion Analyst: Tony Liu