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Gold prices suffered a sharp decline

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  • Gold prices suffered a sharp decline
The Spanish economy was severely affected by the epidemic, The US Treasury Secretary said he was fighting to pass a new round of economic stimulus package
2020/7/2
The US economy is recovering,The price of gold rose sharply again
2020/7/3
2020/7/2

Opening price 1769.76 Yesterday closing price 1769.07 Lowest price 1764.16 Highest price 1772.23

Gold prices suffered a sharp decline

On Wednesday, due to better-than-expected US manufacturing data and the progress of vaccine trials eroding the safe-haven demand for gold, some investors chose to take profits to make gold fall sharply. However, the tone of the Fed’s minutes was biased, so gold once regained the $1770 mark. With the resumption of the blockade in some US states, this has increased the downward pressure on the economy and strengthened the risk-averse appeal of gold. Focus on non-agricultural data during the day. Overnight signals of ADP employment numbers are mixed, so the market will further look for clues in the labor market from the non-agricultural data released on Thursday.

Technical Analysis: Gold

After a round of rising, the upward trend of gold encountered a profitable sell-off, and the price showed a substantial decline. The lowest point yesterday fell to a low of 1759.18. It opened at 1769.76 in early trading today. After the opening, it went down in a narrow range and is currently at 1866.53.

The price has not completed an effective recovery after a round of decline. Since the opening today, it has been in a downward trend of shocks. It is currently hovering within the track line under the Bollinger Bands and is in a low state. The profitable long selling in the previous wave of non-farm payrolls led to a sharp drop in prices, and it is difficult for non-farm payrolls to be bullish. Focus on the release of non-agricultural data in Europe and the United States.

Day Trade Strategy: profitable long and short positions can be closed for profit, waiting for non-agricultural data at night

Resistance: 1775 1780 1790
Support: 1770 1760 1740

Important information of the day:

20:30 US seasonally adjusted non-agricultural employment population in June (ten thousand)

Z.com Bullion Technical Analyst: Tony Liu

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