Opening price 1727.30 yesterday closing price 1727.10 lowest price 1721.20 highest price 1732.26
The global COVID-19 pandemic is still not optimistic
In recent days, the possibility of a second wave of outbreaks has become a real threat, with reports saying that in California, Arizona, Texas, and Florida, the number of cases and hospitalizations have surged after states began to lift the blockade , Seems to weaken the previous optimism. As the global economy recovers from the pandemic, the Fed’s outlook has heightened external skepticism about the “v-shaped” recovery of the global economy.
Technical Analysis: Gold
The price of gold fluctuated greatly yesterday, forming an inverted V-shaped reversal pattern. After the price hit the 1745 position, it fell back to the lowest 1720 position. It opened at 1727.30 in early trading today and is currently at 1730.33, in an upward volatility climb.
On the 1-hour chart, the price has not yet come out of the bottom of the inverted V, basically running within the channel below the Bollinger Bands, and has not continuously broken through the middle rail. In line with the 1740 breakthrough position within the day.
The MACD and candlesticks patterns diverged, and the DIF dropped below the zero axis. The kinetic energy is still realistic in the seller’s market, but the depletion pattern is obvious, and the market direction is still not very clear.
Day trade strategy: short positions, short positions, 1740 integer stops.
Resistance: 1735 1740 1742
Support: 1720 1710 1700
Z.com Bullion Analyst: Tony Liu