Opening price 1816.52 Yesterday closing price 1817.30 Lowest price 1815.10 Highest price 1820.06
Bulls still dominate gold prices
Spot gold once stood above the US$1820 mark on Monday, as the epidemic continued to spread and the market was betting that central banks and governments would continue to introduce massive stimulus measures to support the economy. But overall the momentum of gold’s rise has slowed down, because the current gold trading is too crowded, some investors and fund managers choose to take profits. Therefore, do not blindly track the market in a short period of time. Callback entry may be a reasonable choice. In the day, we will pay attention to the United States discussing anti-epidemic aid measures or involving a $1 trillion aid bill.
Technical Analysis: Gold
After a slight correction to 1805 yesterday, the price of gold began an upward trend. Today, Asia opened at a high of 1816 in early trading, and is currently at 1817, in an oscillating upward path.
On the 1-hour chart, the price pulled back after reaching the upper track of the Bollinger Bands. Compared with the previous period, the upward momentum was slightly exhausted. The market is generally on the rise + shock. The Asian market is expected to stabilize at 1810. In the evening, the European and American markets paid attention to the news of the US epidemic, combined with the Bollinger Band space to do long and short transactions.
Day trade strategy: the overall high volatility, can be light warehouse bearish
Resistance: 1820 1825 1830
Support: 1810 1800 1790
Z.com Bullion Gold Analyst: Tony Liu