Gold continued to rise for three weeks

Opening price 1770.86 Yesterday closing price 1770.90 Lowest price 1767.30 Highest price 1775.63

Gold continued to rise for three weeks

The fear that the epidemic rebounded again overshadowed the economic recovery expectations, and gold has recorded an increase for three consecutive weeks. At the same time, the loosening of global central bank expectations, the uncertainty of the US election and international trade concerns all support gold. With the recent gold trading near the 7-and-a-half-year high, most analysts believe that gold will test $1800 and may break further. Trend. This week’s focus on non-agricultural data in the United States, in addition to Beijing time Thursday morning will also release the Fed’s June minutes.

Technical Analysis: Gold

Gold has maintained its upward trend for several weeks in a row. This week, the Asian market opened at a high of 1770 in early trading. After the shock rise, it is currently at 1772, and it is still in an upward trend.

Due to fundamental information, the price of gold has risen for three consecutive weeks and is still at a high level. The Bollinger Band exposure has been widely open due to Friday’s ups and downs. The current price has not yet touched the upper rail line in the Bollinger Bands track, and prices have generally risen. Is in a state of being pulled up.

On the RSI, the curve is at 60 in the index, and it has not yet reached overbought status, and there is a further trend of upside. Observe the overbought situation over 70 positions during the day.

Day trade strategy: buy profit can be considered to close the position and harvest profits, light the long position, pay attention to the technical indicators indicating a short signal and go short in time.

Resistance: 1780 1785 1790
Support: 1770 1760 1755

Important information: pay attention to the epidemic information

Z.com Bullion Analyst: Tony Liu