Gold enters an upward trend

Opening price 1808.38 Yesterday closing price 1808.89 Lowest price 1806.05 Highest price 1813.14

Gold enters an upward trend

The fear of the second spread of the epidemic on Wednesday caused gold to finally break the $1800 resistance level. At the same time, Fed officials have said that the US economic recovery is slowing down and hinted that more stimulus measures are needed. In addition, the continued increase in gold ETF positions also continues Support the price of gold. With both fundamental and technical support for the price of gold, analysts believe that gold is expected to reach $1850 in a short time. But in this position, gold may be partially profitable. At the same time, with the spread of the risk of the epidemic, the savings rate of various countries has soared, and the risk of short-term deflation is higher than the risk of inflation.

Technical Analysis: Gold

In the past two trading days, gold has entered an upward trend channel, and the highest price reached an 8-year high, rising to more than 1800. Today, Asia opened at a high of 1808 in early trading and is currently at 1810.75, which is still in a higher position.

In view of the fact that the gold price increase is due to repeated changes in the epidemic, it is still necessary to be alert to the downward changes after high prices.

On the 1-hour chart, the price is within the upper band of the Bollinger Bands, but the Bollinger Bands track has obviously shrunk. The market has entered a horizontal trend of the consolidation plate. It is necessary to pay attention to the callback space during the intra-day European and American periods. On the RSI, it is in the overbought instruction range, and it is necessary to appropriately consider opening short positions to offset the risk.

Day Trade Strategy shock trading before the European and American timeframes. Observe the callback signs after the European and American timeframes.

Resistance: 1815 1820 1822
Support: 1805 1790 1780

Important information of the day:

2030: Number of people claiming unemployment benefits in the United States as of the beginning of the week of July 4 (ten thousand)

Z.com Bullion Technical Analyst: Tony Liu