Gold prices rebounded slightly

Opening price 1919.90 Yesterday closing price 1916.09 Lowest price 1912.40 Highest price 1932.26

Gold prices rebounded slightly

On August 12, the US dollar index fell from a one-week high. The negotiation of the US new crown rescue plan has not yet broken the deadlock, putting pressure on the US dollar. After hitting the biggest one-day drop in seven years on Tuesday, spot gold once set a three-week low to $1,863.16 per ounce, then rebounded sharply and fell back to $1,15.87 per ounce in late trading. The intraday amplitude of silver reached 12%; global risk sentiment rose , U.S. Treasury yields rose to a five-week high, and investors were afraid to bet on long. U.S. oil rose more than 2% to close at the highest level in five months. The overall decline in U.S. inventories last week ignited hopes for a recovery in demand.

Technical Analysis: Gold

After the gold price retreated to the low point of 1862, there was a big rebound, and the overall trend was upward. Opened at 1919.90 this morning and is currently at 1930.

The price is currently in the middle of the Bollinger Band, showing an upward correction trend. In view of the fundamental information, the overall judgment is that the price will show a sideways consolidation + upward climb callback pattern. Long and short trading in the upper and lower tracks of the Bollinger Bands.

Day trade strategy: Light Long Positions

Resistance: 1940 1945 1950

Support: 1925 1920 1910

Important information of the day:

20:30 Number of initial claims for unemployment benefits in the United States as of August 8 (10,000)

Z.com Bullion Analyst: Tony Liu