Opening price 1976.17 Yesterday closing price 1976.43 Lowest price 1970.70 Highest price 1978.91
Gold still has upward momentum
The better-than-expected U.S. economic data on Monday caused the dollar to stop falling and rebound. At the same time, the resumption of negotiations between the two parties on a new round of aid programs also boosted market sentiment, which caused spot gold to once fell to around $1960. There is demand for a correction in gold in the near future, but global low interest rates and uncertainty will continue to support gold prices. Pay attention to changes in gold net long positions to focus on changes in market sentiment, as well as the performance of economic data and the trend of silver. Pay attention to the monthly rate of US factory orders in June.
Technical Analysis: Gold
The price of gold has generally fluctuated since yesterday. Opened at 1976.17 this morning, still at a high level. Consolidation within the day, the current position in 1977. No obvious trend signal occurred.
On the 1-hour chart, the price moved in the upper Bollinger Band, and did not clearly pierce the upper and middle rails. It shows that although prices are consolidating, they still have upward momentum. In the evening, when the European and American markets indicate a callback and a down signal, short positions can be opened.
Day trade strategy: overall volatile, light short positions.
Resistance: 1980 1985 1990
Support: 1970 1960 1955
Important information of the day:
22:00 US June durable goods orders monthly rate final value (%)
Z.com Bullion Analyst: Tony Liu