Gold prices maintain sideways

Opening price 1953.45 Yesterday closing price 1953.33 Lowest price 1946.51 Highest price 1962.25

Gold prices maintain sideways

On August 13th, the US dollar index continued to fall, and the euro and the pound maintained their gains, but fell from their intraday highs. Supported by the weak US dollar and concerns about the prospects for economic recovery, spot gold once soared by US$50, setting a new two-day high to US$1966.34 per ounce; spot silver skyrocketed 8.64%, the largest increase in more than five years. Oil prices have fallen and the International Energy Agency (IEA) has lowered its forecast for global oil demand due to reduced air travel.

Technical Analysis: Gold

Gold maintains sideways trading. Opened at the position of 1953.45 this morning, maintaining a narrow range movement, currently at the position of 1951. Yesterday so far, the price has remained in a narrow range. The highest price movement was 1966 and the lowest was 1937. No obvious trend occurred.

In terms of indicators, the price is still moving near the middle orbit of the Bollinger Bands. The overall exposure has not changed drastically. The price is currently moving slightly downwards and has not yet touched the middle trajectory. It is trading sideways during the day and trading in the Bollinger bands can be long and short.

Day trade strategy: follow fundamental news, overall turbulence, and Bollinger band space for long and short trading.

Resistance: 1960 1965 1968

Support: 1950 1940 1935

Important information of the day:

22:00 US August University of Michigan Consumer Confidence Index Initial Value

Z.com Bullion Analyst: Tony Liu