Opening price 1929.53 Yesterday closing price 1929.54 Lowest price 1923.09 Highest price 1931.37
The Fed’s New Deal stimulates the market
On August 27, the US dollar index rebounded sharply and recovered the 93 mark. Fed Chairman Powell announced a new strategy for formulating monetary policy that would allow the inflation rate to exceed the traditionally allowed level for a period of time. Spot gold fluctuated sharply, closing at $1,929.54 per ounce in late trading, falling by nearly $25 during the day. The sharp rise in the dollar index and U.S. bond yields put pressure on gold prices. Oil distribution fell by more than 1%, because Hurricane Laura did little harm to the refining industry, and the market expected that the production platform that had been closed before would resume work quickly.
Technical Analysis: Gold
Affected by fundamentals, the price of gold fluctuated greatly this week, reaching a high in 1980, and then falling back to the 1920 position. The price is currently at a low point and there is no sign of a clear trend, and further fundamental information needs to be paid attention to.
In terms of technical indicators, the price is in the lower orbital range of the Bollinger Bands and is trading sideways. It opened at 1929 in the early trading today. Trading is arranged in accordance with the trend of volatility.
Resistance: 1930 1940 1945
Support: 1920 1910 1900
Important information next week:
20:30 U.S. August non-agricultural employment population changes after seasonal adjustment (10,000)
Z.com Bullion Analyst: Tony LIu