Non-agricultural data is better than expected

Opening price 1776.30 Yesterday closing price 1775.38 Lowest price 1772.78 Highest price 1777.36

Non-agricultural data is better than expected

The expectation of economic recovery and the risk of the spread of the epidemic have intensified the competition between the long and short sides of the gold near the 1780 mark. However, some analysts believe that if the epidemic spreads, the prospects for economic recovery will be undermined. At the same time, although the number of non-agricultural employment is better than expected, it is not ruled out that because unemployment benefits are about to expire, some unemployed people return to their jobs, and the market needs to pay more attention to changes in consumer spending. . At the same time, analysts believe that the market’s judgment on the direction of gold should shift from hedging to inflation expectations

Technical Analysis: Gold

The non-agricultural data was better than expected yesterday evening. The price rebounded after falling to a low point and did not cause much substantial fluctuations. Asian morning open today

On 1776.30, it moved smoothly and narrowly afterwards, running slightly downward, and is currently at the 1773 position.

The Bollinger Bands opened up after the non-agricultural period, but the narrow price movement caused it to not continue to expand. At present, the price is on the upper track, and the middle track line is moving downwards. There is a sign of a downward correction. The trend occurs.

At present, MACD still shows a positive trend, but the downward trend of the DIF line is obvious, and there is a sign of opening the downward trend.

Day Trade Strategy: short positions are short, the Bollinger Bands break through the mid-track line and the DIF line picks down to open short positions.

Resistance: 1778 1780 1785
Support: 1770 1760 1750

Z.com Bullion Technical Analyst: Tony Liu