Opening price 1842.44 Yesterday closing price 1841.25 Lowest price 1840.00 Highest price 1866.10
Mid-term gold is expected to rise to 1900
On Tuesday, the US dollar was sold off, and the market expected greater stimulus to help the economies hit by the epidemic recover, pushing gold to rise sharply. Capital Investment Macros raised its gold price target at the end of 2020 to around US$1,900. Previously, this institution was one of the institutions that were least optimistic about the prospects for gold’s rise. It believed that gold would only be traded at around US$1,600 by the end of 2020. Silver performed even more dazzlingly, falling further to the lowest level in 10 months.
Technical Analysis: Gold
The price of gold has risen considerably since yesterday. The price rose from the 1815 range to the 1865 range, forming a sharp upward trend. After opening at the high of 1842 this morning, the Asian session continued to rise. It is currently in the 1856 range. The current pattern shows that the price has shown a slight correction.
The price formed a continuous upward breakthrough in the Bollinger Bands. The highest position reached a high of 1865. After that, it opened slightly at the low point, moved downward in a narrow range, and began to pull back slowly. However, there is no sign of the start of a downward trend. It is estimated that the price will trade sideways for a period of time at a high level. In the day, the main focus is on signs of a downward price correction during the European and American periods.
Day tradestrategy: Long orders can be appropriately considered for profit closing. In the European and American hours, you can consider opening a short order by observing whether there is any signs of price correction during the day.
Resistance: 1860 1865 1868
Support: 1850 1840 1830
Z.com Bullion Analyst: Tony Liu