5/7 spot gold price analysis
Fundamental analysis
Spot gold price rose more than 10 US dollars last Friday, closed at $1780.40 per ounce. It once touched US$1795.17 during the trading day, which was the highest level since June 18; because US dollar fell after the release of US non-farm employment data, some analysts said that the data will give Fed more time to maintain its policy stance. Therefore, movements of gold price are more like a relieved rise. They believe that people will not directly go to buy gold because of these data, and the motivation of buying it is still very low. This occurs because the situation shown from data is not weak at all.
Technical analysis
Last week, gold price rose to around 1795, the daily level was suppressed by Fibo 50, and it was finally closed around 1786. The Bollinger band diverges downwards, MACD downward momentum decreases gradually, RSI reverts upwards from the oversold area. Compared with last week, the 4-hour Bollinger band has expanded slightly. MACD upward momentum increases gradually. Today, gold is expected to continue to rebound. However, it will still be suppressed by the daily Bollinger band mid-track and the Fibonacci 23.6% resistance level.
Today’s strategy:
Short position 1795-1800, take profit 1789, stop loss 1810
Spot gold price rose more than 10 US dollars last Friday, closed at $1780.40 per ounce. It once touched US$1795.17 during the trading day, which was the highest level since June 18; because US dollar fell after the release of US non-farm employment data, some analysts said that the data will give Fed more time to maintain its policy stance. Therefore, movements of gold price are more like a relieved rise. They believe that people will not directly go to buy gold because of these data, and the motivation of buying it is still very low. This occurs because the situation shown from data is not weak at all.
Technical analysis
Last week, gold price rose to around 1795, the daily level was suppressed by Fibo 50, and it was finally closed around 1786. The Bollinger band diverges downwards, MACD downward momentum decreases gradually, RSI reverts upwards from the oversold area. Compared with last week, the 4-hour Bollinger band has expanded slightly. MACD upward momentum increases gradually. Today, gold is expected to continue to rebound. However, it will still be suppressed by the daily Bollinger band mid-track and the Fibonacci 23.6% resistance level.
Today’s strategy:
Short position 1795-1800, take profit 1789, stop loss 1810
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