Opening price 1732.51 yesterday closing price 1729.3 lowest price 1723.47 highest price 1734.03
Gold prices under pressure Monday
Last Friday, because of the fear of the second spread of the epidemic and the pessimistic expectations of the Fed in the semi-annual report, gold once stood at the $1740 mark. However, because the economic restart has improved US economic data and pushed funds into the stock market again, gold has given up some of its gains. In general, gold has been mixed short and long recently, focusing on 1750-1760 above. Before clearing this range, gold is expected to be more neutral. This week, we will focus on Fed Chairman Powell’s semi-annual testimony to Congress on Tuesday and Wednesday, and this week will also announce the Bank of Japan and Bank of England resolutions.
Technical Analysis: Gold
The price of gold rose significantly last week, reaching a high above 1740, and then under pressure from above. It opened at 1732.51 in early trading this Monday, and then showed a downward trend. The current price is at 1723.20.
Looking at the candlesticks, the seller’s market currently occupies a strong position. Since the market opened, it has basically shown a downward downward trend and no obvious signs of callback. On the 1-hour chart, the price has broken down the lower trajectory of the Bollinger Bands, but there has not been a continuous breakthrough. Lin’s exposure showed signs of opening, which may be triggered by a new round of declines.
The MACD shows that the price has obviously pulled back, and the DIF is heading down. The kinetic energy is strong below the zero axis, and there is no deviation from the price pattern.
Day trade strategy: bearish, pay attention to the key position of the Bollinger Bands above the rail, which is 1730 integer.
Resistance: 1725 1730 1740
Support: 1720 1710 1700
Z.com Bullion Analyst: Tony Liu