Gold prices hit a record high

Opening price 2039.05 Yesterday closing price 2037.70 Lowest price 2036.70 Highest price 2041.86

Gold prices hit a record high

On August 5, gold T+D hit a new high in more than 16 years, and silver T+D soared by nearly 8%! The yields of the U.S. dollar and U.S. Treasuries have fallen continuously, making gold more attractive. The huge impact of the epidemic on the global economy, the recent warming of trade issues, and the explosion in Beirut, the capital of Lebanon this Tuesday, have further promoted safe-haven demand and pushed gold prices higher. The recent statement issued by Fed officials pointed to the “average inflation” target, which is to tolerate or even hope that inflation is higher than the 2% normally set by the Fed.

Technical Analysis: Gold

The price of gold made a record high this week, and the highest price reached the 2016 high. Based on the further push of fundamentals, the trading day opened at 2039.05 and continued to maintain a high position. It is expected that prices may rise further in the day, but we must be wary of downward corrections.

On the 1-hour chart, the Bollinger Bands track is accompanied by higher prices, and there are signs of shrinking exposure, indicating that prices will remain sideways for a period of time after the turbulent rise. At present, the price is still on the upper track and has not yet broken through the middle track. It is highly probable that the price will remain high and fluctuate.

Day trade strategy: sort out market transactions and be alert to callbacks.

Resistance: 2040 2050 2060

Support: 2030 2020 2015

Important information of the day:

20:30 Number of initial claims for unemployment benefits in the United States as of August 1 (10,000)

Z.com Bullion Analyst: Tony Liu