Gold continues to refresh historical highs

Opening price 1871.54 Yesterday closing price 1870.35 Lowest price 1863.57 Highest price 1876.46

Gold continues to refresh historical highs

On Wednesday, due to the spread of the epidemic and rising international concerns, gold continued to rise and continued to hit a 9-year high on Thursday morning, further approaching the $1,900 mark. At the same time, the market is betting that the expectation of a further decline in the dollar is heating up, and the data shows that the number of unemployed persons in the United States is showing signs of picking up again, which all support the rise of gold prices. In the short term, we need to continue to pay attention to the progress of the US stimulus bill. The current market expectation is that unemployment assistance is unlikely to be passed before the expiration of the unemployment assistance. Therefore, the two parties in the United States will reach a consensus on extending the unemployment assistance and regarding consumer spending in the future. Will have a direct impact.

Technical Analysis: Gold

Gold continued its upward trend this week. Today, the Asian market opened at a high of 1871, and continued to rise within a narrow range after the opening. The current price is at 1875.19, still showing an upward trend.

On the 1-hour chart, the price has been running in the upper Bollinger track for more than 3 trading days, and the upward momentum is significantly sufficient, and the probability of sprinting to a high of 1900 is relatively high. On the 30-minute chart, the price showed continuous piercing the upper Bollinger track, indicating upward momentum, and the overall price continued to rise.

Day trade strategy: Pay attention to fundamental information and be alert to price corrections.

Resistance: 1880 1890 1900

Support: 1870 1860 1850

Important information of the day:

2030: The number of initial claims for unemployment benefits in the United States as of July 18 (10,000)

Z.com Bullion Analyst: Tony Liu