Be wary of callbacks in the upward trend of gold

Opening price 1811.39 Yesterday closing price 1810.33 Lowest price 1805.20 Highest price 1813.41

Be wary of callbacks in the upward trend of gold

On Wednesday, the progress of the vaccine superimposed the financial results of three major banks including Goldman Sachs, which promoted the stock market to rise. At the same time, the US manufacturing data also improved significantly, so this caused gold to fall slightly. But on Wednesday, gold generally remained above $1800, and the resistance to decline was obvious, because despite the improvement in economic data, with the second spread of the epidemic, most investors are skeptical about the sustainability of the data improvement. In addition, some Fed officials further lowered the US economic expectations, which also constituted support for gold. Follow the US retail sales data, unemployment benefits data and the European Bank’s resolution.

Technical Analysis: Gold

The price of gold showed a downward downward trend. Today’s opening price is still opening at a high of 1811, and then slightly narrowed back, currently at 1807, showing a downward trend.

On the 1-hour chart, the price is in the lower rail of the Bollinger Bands and is moving downwards. There is a clear downward trend. The spatial track of the Bollinger Bands is delayed in parallel, and there is no sign of greater volatility in the market. MACD kinetic energy is slightly depleted, and the overall price correction trend is in a sideways consolidation.

Day trade strategy: It is still necessary to understand the overall upward trend of gold, but it needs to be vigilant about the callback market. In the day, the short position is short, and the position above 1810 can be long.

Resistance: 1810 1815 1820
Support: 1800 1790 1780

Important information ofthe day:

20:30 United States as of July 11 at the beginning of the week for unemployment benefits (ten thousand)

Z.com Bullion Technical Analyst: Tony Liu