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Market News [Gold] Gold price rebounded. Now stranded at 1,900 (with operational suggestions)

[Gold] Gold price rebounded. Now stranded at 1,900 (with operational suggestions)

The rebound of the epidemic in Europe has made economic recovery indefinitely and stimulated safe-haven demand. Spot gold rose on Wednesday, but the upward trend was pressured by the strengthening of the US dollar.

Eden
2020-09-23
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The dollar continued its rally, coupled with the sharp sell-off of all asset classes on Monday, the price of gold once fell to the lowest level since August 12 at US$1,882.70 per ounce. Spot gold rebounded today and is now at $1,900.68 per ounce, reversing the decline.


US gold futures fell 0.1% to US$1,905.60 per ounce. SPDR Gold Trust GLD, the world's largest gold-listed trading fund, reduced its gold holdings by 0.05% to 1,278.23 tons on Tuesday.


Spot silver fell 0.6% to US$24.26 per ounce, spot platinum rose 0.3% to US$869.64, and spot palladium fell 0.8% to US$2,203.15.


Fed Chairman Powell said in his testimony to Congress on Tuesday that the future of the economy is still uncertain, and the Fed will take more corresponding measures if necessary.


Operational recommendations (Soure:Trading Central)

Pivot: 1910.00


Our preference: short positions below 1910.00 with targets at 1882.00 & 1872.00 in extension.


Alternative scenario: above 1910.00 look for further upside with 1920.00 & 1927.00 as targets.


Comment: the RSI is bearish and calls for further downside.


Supports and resistances:

1927.00

1920.00

1910.00

1896.00 Last

1882.00

1872.00

1859.00

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