Opening price 2026.72 Yesterday closing price 2027.07 Lowest price 2025.50 Highest price 2029.94
Gold fell back by $20
On August 10, the U.S. dollar index refreshed its high point since August 4 to 93.70, continuing the rally since last Friday. The two-party stimulus bill negotiations in the US Congress are still deadlocked. The price of gold rose and fell. Spot gold once rose to US$2049.96 per ounce, then oscillated down and closed at US$2027.34; the rebound of the US dollar put pressure on gold prices, which drove some investors to sell gold to profit. U.S. oil rose nearly 2%, and the possibility of a new round of stimulus agreement is expected to boost demand prospects.
Technical Analysis: Gold
Last Friday’s optimistic non-agricultural data led to a fall in gold’s high level. After that, the overall price did not rise again this week and was in a sideways consolidation phase. The market opened at 2026.72 this trading day and is currently at 2028.60.
The price showed signs of rising in the last trading day, but the upward momentum was insufficient, and it fell again after reaching 2050. At present, the price is in a rising stage, the Bollinger Band exposure is relatively flat, the price has not yet touched the middle track, and the momentum is slightly insufficient. Shows that the market is still in a sideways consolidation phase.
Day trade strategy: sideways the market, Bollinger Bands range long and short trading.
Resistance: 2035 2040 2045
Support: 2020 2010 2000
Important information of the day:
20:15 U.S. July PPI annual rate (%)
Z.com Bullion Analyst: Tony LIu