Gold price bullish trend sustains

Opening price 1958.34 Yesterday closing price 1956.10 Lowest price 1954.54 Highest price 1960.13

Gold price bullish trend sustains

The price of gold set a record high to US$1981.17 on July 28, Beijing time. Analysts believe that the rise will continue. This has nothing to do with the pandemic that many mainstream analysts seem to think, but the government and central bank’s response to the epidemic — borrowing, spending, and printing money. The Fed’s monetary policy will eventually lead to the collapse of the U.S. dollar and the U.S. dollar will lose its reserve currency status.

Technical Analysis: Gold

After the gold price reached the high point of the 1981 line, there was a callback. The price fluctuated within a narrow range and dropped to 1939. Then it picked up. It opened at 1958.34 in early trading today and is currently at the 1956 position.

Based on fundamental information. There is a high probability that prices will continue to rise, at least regaining the short-term high of 1981. However, the callback trend cannot be ignored, and the impact of price callbacks should be paid attention to in positions.

On the 1-hour chart, the Bollinger Bands are gradually tightening, and the price is slowly moving at the midline, showing a clear trend of volatility. The possibility of a trend in the daytime is low, and the European and American hours are mainly bullish at night.

Day trade strategy: Generally bullish, pay attention to the extent of callback between locations.

Resistance: 1960 1970 1981

Support: 1955 1950 1940

Z.com Bullion Analyst: Tony Liu