15/7 spot gold price analysis
Fundamental analysis:
Fed Chairman Powell dispelled expectations that the Fed will soon reduce asset purchases, and reiterated that any surge in inflation may ease. Boosted by Powell's dovish speech, spot gold price rose sharply, hitting $1,929.85 per ounce during the session, the highest level since June 16. Spot gold rose by more than US$20 to close at US$1,827.53 per ounce. Powell said that it isn’t the time yet to withdraw from the stimulus policy, which lowered the yields of the US dollar and US debt and boosted the price of gold. The U.S. dollar index fell by 0.50%, increasing the demand for gold as an alternative asset; on the one hand, inflation concerns stimulated investors to buy gold to realize the demand for asset preservation, and at the same time, Fed Chairman Powell assured investors the prospect of continuing to implement the stimulus plan. . Some market analysts believe that Powell's speech really strengthened the belief that despite the warming of inflation data, the Fed will maintain a fairly easing policy.
Technical analysis:
From the daily chart, gold price closed with a long bullish candle stick, it touched up to around 1829 yesterday, but failed to reach the resistance level of Fibo 50. The gold price finally closed around 1826. The Bollinger band mouth is gradually expanding outwards, MACD has shown upward movement, and RSI has broken through 50. The 4-hour Bollinger band tightens towards the middle track. MACD shows upward momentum, however, there might be a callback demand in the short term as the 4-hour k-line shows an evening star pattern.
Today’s strategy:
Long position near 1815, stop loss 1810, take profit 1825.
Fed Chairman Powell dispelled expectations that the Fed will soon reduce asset purchases, and reiterated that any surge in inflation may ease. Boosted by Powell's dovish speech, spot gold price rose sharply, hitting $1,929.85 per ounce during the session, the highest level since June 16. Spot gold rose by more than US$20 to close at US$1,827.53 per ounce. Powell said that it isn’t the time yet to withdraw from the stimulus policy, which lowered the yields of the US dollar and US debt and boosted the price of gold. The U.S. dollar index fell by 0.50%, increasing the demand for gold as an alternative asset; on the one hand, inflation concerns stimulated investors to buy gold to realize the demand for asset preservation, and at the same time, Fed Chairman Powell assured investors the prospect of continuing to implement the stimulus plan. . Some market analysts believe that Powell's speech really strengthened the belief that despite the warming of inflation data, the Fed will maintain a fairly easing policy.
Technical analysis:
From the daily chart, gold price closed with a long bullish candle stick, it touched up to around 1829 yesterday, but failed to reach the resistance level of Fibo 50. The gold price finally closed around 1826. The Bollinger band mouth is gradually expanding outwards, MACD has shown upward movement, and RSI has broken through 50. The 4-hour Bollinger band tightens towards the middle track. MACD shows upward momentum, however, there might be a callback demand in the short term as the 4-hour k-line shows an evening star pattern.
Today’s strategy:
Long position near 1815, stop loss 1810, take profit 1825.
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