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Analysis




Gold Breaks 1800 Ground and Picks Up

on 2020-07-10

The precious metal struck to as high as 1818 on Wednesday, which had a little pullback to 1813. Dipped even further with over $8 yesterday NY session with a strengthening dollar, to lowest 1795 and held itself back above 1800. Its bullish trend doesn’t seem to be stopping sooner or later given the uncertainty of the U.S. market and economy, as major stock markets also saw a mixed to bear opening Thursday.

 

 

RSI at last corrected itself after Wednesday’s session, backed off from topping the scale down to 40. The price of the yellow metal has been rather stable after NY close, shivering between 1801 and 1804 range. Currently with the continuing robust dollar, gold will lose some ground in the short term, possibly to constantly testing the previous day support level at 1796 however, it will not lose its safe-haven characteristic in the market.

Daily pivot 1804.44
S1 – 1792.59        R1 – 1813.14
S2 – 1783.88        R2 – 1824.98
S3 – 1772.04        R3 – 1833.69

Expecting little to no significant fluctuation in the near future could look to hold mid-long-term long exposure with 1797 entry with stop loss at 1790 and take profit at 1813.

 

Analyzed by: Mr. Ronald Wu
Financial Analyst


Disclaimer:
Golden FX Link Capital Co., Ltd. endeavors to ensure the accuracy and completeness of this research report. However, as the market is subject to change, the Company and our subsidiaries do not guarantee its completeness and accuracy, and the information is for reference only. Any person shall not regard such information as Golden FX Link Capital Co., Ltd. on leveraged foreign exchange, precious metals, stocks, and other financial products to provide real quotes, suggestions, solicitation, and inducement of investment. Guests should be aware of the risks involved in the investment, the volatility of the investment market and the risk of loss can be very big, guests must carefully consider their own financial situation and investment purposes, to decide the direction of investment and the kind of investment products that are suitable for their owns.


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