Gold high callback

Opening price 1941.26 Yesterday closing price 1942.33 Lowest price 1906.95 Highest price 1981.08

Gold high callback

During the Asian session on July 28, the U.S. dollar index rebounded, and the euro stopped for seven consecutive days against the U.S. dollar. Gold futures and spot gold both plunged nearly $50 in short-term. The psychological resistance of gold futures near the US$2,000 mark is extremely strong. The U.S. Republican Senator announced the benefits of the US$1 trillion anti-epidemic stimulus plan. In addition, the Federal Reserve will hold interest rate meetings on Tuesday and Wednesday local time. Some gold The bulls chose to take profits and the gold price plunged sharply in the short term.

Technical Analysis: Gold

Gold rose for many consecutive days. It opened at a high of 1941 this morning, and then continued to rise, reaching the highest position in 1981. Afterwards, there was a high correction, and the price continued to drop by $70 to a minimum of 1904. The current price is still in a downward trend, at 1918.88.

On the 1-hour chart, there is a clear downward trend in the high-level correction. At present, the Bollinger Band is wide open, and a short-term trend is expected to occur. The price has fallen from the high point below the Bollinger Band orbit line, and is still extending downward. Although there is an upward swing after the lowest point in 1904, the overall trend of callback is a foregone conclusion.

Day trade strategy: If there is a profitable long position, consider closing. Wessang is bearish. If no trend signal occurs during the evening hours in Europe and America, consider entering the down market.

Resistance: 1915 1920 1930

Support: 1900 1890 1880

Z.com Bullion Analyst: Tony Liu