Fundamental analysis
In the past week, spot gold price fell from highs. The Chairman of the Federal Reserve has repeatedly made dovish remarks and increasing cases of COVID-19 from multiple countries helped gold price hit a new one-month high of US$1834.12 per ounce. Retail investors and institutions are also bullish about the marker look. However, the great performance from US retail department and other data make investors firm on the Fed’s expectation of gradual tightening of monetary policy in the future, which makes spot gold buyers hesitate.
Technical analysis
From the daily chart, spot gold price closed with a great negative candlestick, it once reached around 1832, but failed to continue the increase. In the end, gold price fell sharply and closed at the 1818 area. The Bollinger Band opens, MACD temporarily operates below 0 axis, but the downward momentum is slight. After RSI broking through 50 level, it moved smoothly and now oscillated above 50. The 4-hour Bollinger Band has narrowed again, MACD upward momentum gradually decrease. Today, gold price shows downward momentum.
Today’s strategy
1. Short order 1818, take profit 1804, stop loss 1827
2. Long order 1803, take profit 1812, stop loss 1798
In the past week, spot gold price fell from highs. The Chairman of the Federal Reserve has repeatedly made dovish remarks and increasing cases of COVID-19 from multiple countries helped gold price hit a new one-month high of US$1834.12 per ounce. Retail investors and institutions are also bullish about the marker look. However, the great performance from US retail department and other data make investors firm on the Fed’s expectation of gradual tightening of monetary policy in the future, which makes spot gold buyers hesitate.
Technical analysis
From the daily chart, spot gold price closed with a great negative candlestick, it once reached around 1832, but failed to continue the increase. In the end, gold price fell sharply and closed at the 1818 area. The Bollinger Band opens, MACD temporarily operates below 0 axis, but the downward momentum is slight. After RSI broking through 50 level, it moved smoothly and now oscillated above 50. The 4-hour Bollinger Band has narrowed again, MACD upward momentum gradually decrease. Today, gold price shows downward momentum.
Today’s strategy
1. Short order 1818, take profit 1804, stop loss 1827
2. Long order 1803, take profit 1812, stop loss 1798