Gold prices fall

Opening price 1927.87 Yesterday closing price 1928.42 Lowest price 1924.70 Highest price 1955.32

Gold prices fall

During the Asian session on Thursday (August 20), the US dollar index hovered above the 93 mark. Asian stock markets fell collectively, and gold rebounded by up to 30 US dollars. However, the upward momentum of gold has weakened. Analysts said that it seems that “the Fed really tends to focus on results-based forward guidance. There is no mention of negative interest rates and almost no interest in yield curve control”. International oil prices are still fluctuating at high levels. As the pandemic threatens the recovery of demand, the OPEC+ meeting’s draft communiqué calls for vigilance, because “due to the increasing risk of the second wave of the epidemic”, the pace of recovery has slowed.

Technical Analysis: Gold

The price of gold began to fall back yesterday. It opened at a low of 1927.87 and is currently at 1933. It is far from the previous high of 2000 or more, and there is currently no obvious upward trend.

On the 1-hour chart, the bulls are still under tremendous pressure. After the Bollinger Band opened its opening, there was no sign of narrowing and closing, indicating that the trend has not ended yet and there is room for further compression of prices. The short side is still the main day, beware of callbacks.

Day trade strategy: Light short positions

Resistance: 1940 1945 1948

Support: 1930 1920 1910

Important information of the day:

20:30 Number of initial claims for unemployment benefits in the United States as of August 15 (10,000)

Z.com Bullion Analyst: Tony Liu