Opening price 1726.31 Yesterday closing price 1726.00 Lowest price 1722.40 Highest price 1728.98
Gold prices remain volatile
On Tuesday, the prospect of additional stimulus measures and record sales growth in the United States boosted market optimism, which drove the stock market higher, which caused gold to fall slightly. However, as Powell continued the previous dovish argument and believed that there was great uncertainty in economic recovery, gold subsequently recovered its decline. At the same time, the risk of the second spread of the epidemic and the warming of geographical tensions also support the price of gold. Within the day, we will pay attention to the annualized monthly rate of construction of new houses in the United States and the monthly rate of construction permits in May.
Technical Analysis: Gold
Following the rise and fall of the previous V-shaped reversal price, the price of gold is in a trend of shock consolidation. There hasn’t been much price volatility yesterday. It opened at 1726.31 in early trading today and is currently at 1727.31.
On the 1-hour chart, the Bollinger Bands show a slow and steady exposure, indicating that the price is stable and no trend is occurring. It moves in a stable channel. The current price is sideways near the mid-track line, which is a volatile trend.
The MACD curve is flat, the DIF is close to the zero axis, and the kinetic energy is depleted, indicating that there is no significant price fluctuation.
Day trade strategy: the trend of turbulence during the day, long and short trading in the Bollinger bands. Follow US fundamentals news in the evening.
Resistance: 1730 1735 1740
Support: 1720 1710 1700
Important information of the day:
2030: Total annualization of new housing starts in the United States in May (10,000 households)
Z.com Bullion Analyst: Tony Liu