Opening price 1725.29 yesterday closing price 1724.84 lowest price 1721.50 highest price 1732.81
The rising momentum of gold prices is slightly insufficient
The dollar was higher on Monday due to the secondary risk of the epidemic, which caused gold to fall 1%. However, after the Fed announced that it would buy corporate bonds in the secondary market and announced the creation of an index to buy a bond portfolio, the trend of the US dollar changed, which caused gold to rebound by $20. However, as the economies of various countries restarted, recent global economic data showed signs of a clear recovery. Statistics show that the total amount of gold sold by net long gold positions slightly exceeded the inflow of gold ETFs, and gold lacked upside momentum. During the day, we paid attention to the testimony issued by Fed Chairman Powell at the congressional hearing.
Technical Analysis: Gold
Yesterday, gold prices have formed a V-shaped reversal trend, picking up from the lowest 1703 valley position and jumping to a high of 1732. It opened at 1725.29 in early trading today and is currently at 1724. The rising momentum has begun to show signs of exhaustion.
On the 1-hour chart, after a night of rising, there is insufficient rising kinetic energy. At present, there are multiple cross star contractions on the Yang line, and the price callback trend is obvious, but the Bollinger Bands still show upward indications, and the price is still on the upper track.
There is a slight divergence in MACD, DIF shows an upward trend above the zero axis, and there is room for the upward kinetic energy to play.
Day trade strategy: overall volatility, bullish and short-selling trading in the Bollinger Bands sideways mode, pay attention to trend signals during the European and American hours at night.
Resistance: 1730 1735 1738
Support: 1720 1710 1700
Important information of the day:
2200: US Federal Reserve Chairman Jerome Powell testifies to Congress on the semi-annual monetary policy report before the Senate Banking Committee holds an online hearing.
Z.com Bullion Analyst: Tony Liu