Opening price 1712.79 Last closing price 1714.24 Lowest price 1710.30 Highest price 1720.24
Gold price is supported by the Fed’s expectations
On Tuesday, as the market expected the Fed’s tone to be biased, and market risk appetite fell, US stocks fell, and gold rebounded by $22, setting a new high since June 4. Follow the Fed’s resolutions within the day and expect the Fed to stay on track. The market is concerned about the Fed’s forecasts on non-agricultural employment and economic prospects. Overall, continued global easing supports gold prices in the long run, but in the short term, gold lacks the momentum to continue to rise, so the evening Fed decision will become the key.
Technical Analysis: Gold
Gold has been supported by fundamentals so far yesterday, and it has rebounded to more than 1710. It has recovered the previous price loss from the previous decline. It opened at 1712 in early trading today and generally maintained an upward trend. It is currently at 1718.46.
On the 1-hour chart, the price showed a narrow range of volatility, the bullish candlestick clearly prevailed, and the market was on the long side. It should be noted that the Bollinger Bands’ exposure has obviously shrunk. The price is above the upper trajectory, and the kinetic energy is still strong. It should be noted that the price may stabilize and enter the consolidation market.
MACD is currently only a bull market, and there is a high probability that the price will stabilize above 1710 within the day.
Day trade strategy: Mainly shock market, profitable orders can be profitable.
Resistance: 1720 1725 1728
Support: 1710 1705 1700
Z.com Bullion Analyst: Tony Liu