Gold is generally bullish this week

Opening price 1798.76 Yesterday closing price 1798.70 Lowest price 1798.08 Highest price 1807.26

Gold is generally bullish this week

Despite the short-term profit-taking selloff, gold is still trading at around $1800, showing resilience. As the recent spread of the epidemic has intensified, many countries and regions have restarted the blockade, and there are signs that the US economic data has only maintained a two-month recovery and there has been signs of rebound and weakness, exacerbating the downward pressure on the economy. The three major central banks will announce interest rate resolutions this week. As the market bets that the Fed will continue to implement ultra-loose monetary policies to support the economy, the market will look for clues to global central bank policy trends from the Bank of Japan, Bank of Canada and European Central Bank interest rate resolutions this week. .

Technical Analysis: Gold

On Monday, Gold Asia opened at 1798.76 in early trading, and then jumped to an integer of more than 1800. The overall trend continued the bullish market last week. It is currently at 1806.84 and is slightly bullish within the day.

On the 1-hour chart, the Bollinger Band track opened up and is currently showing a slight upward trend. The price is about to hit the upper track line, which generally indicates the rising market. The key is to break the upper track line and start a new round of rising market instructions. MACD is generally stable, and the kinetic energy tends to turn above the zero axis. Note that the DIF line jumps up to the key point of the zero axis.

Day trade strategy: overall long

Resistance: 1810 1820 1825
Support: 1800 1798 1790

Z.com Bullion Technical Analyst: Tony Liu