Opening price 1946.53 Yesterday closing price 1946.63 Lowest price 1930.40 Highest price 1955.88
Gold maintains consolidation and maybe boosted next week
The trend of the U.S. dollar is still a key factor affecting gold, but the impact of holdings on the U.S. dollar is short-lived. The market will still look for clues from the Fed’s policy trend. Therefore, next week’s Jackson Hole Global Central Bank Annual Meeting and Powell’s August 27 A speech on the long-awaited “assessment of monetary policy framework” will be the focus of the market. In addition, the market also needs to pay attention to the progress of US-Iranian relations and the US stimulus plan, which will also have a direct impact on gold prices. Pay attention to the PMI data of manufacturing industries in various countries in the day.
Technical Analysis: Gold
There has been no significant change in the price of gold since yesterday, and the overall price has shown a slight decline in a sideways order. On the whole, it is showing a downward bear trend. It is necessary to pay close attention to fundamental information. This morning opened at 1946.53, and the intraday market went sideways. The current price is at 1930.
At present, the price has broken through the lower line of the Bollinger Band, and the downward trend is obvious in the past two hours. The Bollinger Bands have a tendency to open slightly, and the main weak positions are bearish in the day.
Day trade strategy: Light short positions, pay attention to changes in Bollinger Bands
Resistance: 1935 1940 1945
Support: 1920 1910 1900
Important information of the day:
20:30 US August Markit Manufacturing PMI Initial Value
Z.com Bullion Analyst: Tony Liu