Opening price 1696.95 Yesterday closing price 1698.00 Lowest price 1691.10 Highest price 1704.66
Fed resolution issued this week
Recently, because the market’s optimistic expectation of economic recovery continues to rise, and the stock market continues to rise, but because the market expects the Fed to continue to implement the dovish monetary policy in this week’s resolution, the slight increase in gold on Monday touched the $1700 mark, and Further higher on Tuesday. Overall, the recent rebound in market optimism has led investors to reduce their net long gold positions, which will put pressure on gold. However, analysts pointed out that the current global economy is more of a rebound than a recovery, and inflation expectations triggered by global massive easing are all factors that support gold.
Technical Analysis: Gold
Gold is affected by the Fed’s fundamentals this week, and it is generally more optimistic. It has been steadily oscillating upwards yesterday. It opened at 1696.95 in early trading today and is currently at 1698. It is still in the rising stage.
In terms of indicators, on the 1-hour chart, the Bollinger Bands’ exposure has narrowed, and the price has always moved above and below the mid-track line. The lowest point has not broken through the lower track, indicating that the price is very stable in this range, and the range of exposure has not expanded. More than 1690 can be lighted. If there is a continuous breakthrough on the upper trajectory, you can build long positions.
In terms of MACD, there is no divergence in the indicators, and the market is relatively stable. The kinetic energy and DIF show that the market is in a not very strong rising market. It is necessary to observe the change in kinetic energy after the European and American markets are launched in the evening.
Day trade strategy: short position, long position can be considered if there is continuous breakout of indicators and price stabilization above 1700.
Resistance: 1700 1710 1720
Support: 1690 1685 1680
Z.com Bullion Analyst: Tony Liu