8/7 spot gold price analysis
Fundamental analysis:
Gold price rose slightly and closed around 1802 yesterday. The 10-year US treasury yield fell for the seventh consecutive day, hitting a low point in more than four months, which boosts the interest-free asset – gold. Some analysts believe that the weakness of US treasury yields has pushed up gold price because meeting records are basically in line with market expectations, rather than showing more unexpected hawkish signals. The threshold for curtailment plans has not yet been reached, and the rising of inflation rate is only temporary.
Technical analysis:
Daily level gold price continued to rise and was suppressed by Fibonacci 38.2%. Yesterday, the highest price reached around 1810, and it closed around 1802. The Bollinger band mouth shrinks to the middle track, MACD downward momentum gradually decreases, and the RSI is approaching 50 level. The 4-hour Bollinger band moves up, MACD upward momentum decreases. From the daily level, gold price still have rebound momentum, but the extent remains to be observed in the Asian and European markets. Today’s short position is the daily Fibonacci 38.2% level.
Today’s strategy:
Short position 1802-1805, stop loss 1820, take profit 1790, 1785
Gold price rose slightly and closed around 1802 yesterday. The 10-year US treasury yield fell for the seventh consecutive day, hitting a low point in more than four months, which boosts the interest-free asset – gold. Some analysts believe that the weakness of US treasury yields has pushed up gold price because meeting records are basically in line with market expectations, rather than showing more unexpected hawkish signals. The threshold for curtailment plans has not yet been reached, and the rising of inflation rate is only temporary.
Technical analysis:
Daily level gold price continued to rise and was suppressed by Fibonacci 38.2%. Yesterday, the highest price reached around 1810, and it closed around 1802. The Bollinger band mouth shrinks to the middle track, MACD downward momentum gradually decreases, and the RSI is approaching 50 level. The 4-hour Bollinger band moves up, MACD upward momentum decreases. From the daily level, gold price still have rebound momentum, but the extent remains to be observed in the Asian and European markets. Today’s short position is the daily Fibonacci 38.2% level.
Today’s strategy:
Short position 1802-1805, stop loss 1820, take profit 1790, 1785
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