Spot gold continues to rise

Opening price 1901.95 Yesterday closing price 1900.61 Lowest price 1895.58 Highest price 1944.44

Spot gold continues to rise

The market expects that the spread of the epidemic, international tensions and global easing will continue for a period of time. Therefore, the fundamentals of gold continue to be bullish. It is expected that it will soon break the record high of 1921.18 US dollars and will further explore the 2,000 US dollars mark in the future. Data news is dense this week. The United States will release durable goods orders data on Monday, and it will also release actual US GDP data for the second quarter on Thursday. In addition, the Fed will announce its interest rate decision early on Thursday morning Beijing time. At the same time, with the expiration of the US unemployment assistance, the US Congress will also discuss specific stimulus plans starting this Monday.

Technical Analysis: Gold

Since the market opened early this week, the price of gold has continued to rise. After opening the market above the 1901 integer level, the price has risen in a narrow range without hindrance and is currently at a new high in 1934.

On the 1-hour chart, the price continued to break through the upper track of the Bollinger Bands, and the upward trend was smooth and flat, but the increase was slightly weaker and the momentum was slightly insufficient. It is necessary to further observe the kinetic energy situation during the night time in Europe and America. Currently, trading is mainly based on an upward trend.

Day trade strategy: beware of sharp price corrections, overall bullish.

Resistance: 1940 1950 1955

Support: 1930 1920 1910

Important information of the day:

20:30 US June initial value of the monthly rate of durable goods orders (%)

Z.com Bullion Analyst: Tony Liu