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【Morning summary 】August 31,2020

Refresh time:2020-08-31

Due to the weakening of the U.S. dollar and the Fed's hint that it would extend the low interest rate strategy, the price of gold rose sharply on Friday. The price of gold rose sharply on Friday. The day had experienced a sharp sell-off. The highest within the day reached 1973.63 US dollars, the lowest was pulled back to 1923.14 US dollars, and the closing rose 35.62 to 1964.99 US dollars. Bouncing tentative mid-yang line pattern.


In terms of the US dollar index, the US dollar fell on Friday, the highest within the day reached 93.10, the lowest fell to 92.19, and closed down 0.73 to 92.27, as the Fed’s new policy framework hinted that interest rates would remain low, while the yen announced the resignation of Japanese Prime Minister Shinzo Abe. After soaring. At the highly anticipated virtual Jackson Hole meeting, Fed Chairman Powell said that the Fed will seek to keep the average inflation rate at 2%, so that after a period of too low inflation, the Fed may work hard to reduce the inflation rate for a period of time. Increase to more than 2%.


In terms of spot gold, gold rose sharply on Friday. Looking at the daily line, the MACD red kinetic energy column increased sharply, the KDJ stochastic indicator rose above the 50 level. In 4 hours, the MACD red kinetic energy column increased, and the KDJ stochastic indicator approached the 50 level. On the whole, the bullish momentum of gold has strengthened, and the short-term or further upsurge, it is recommended to do more on dips in operation.


In terms of spot silver, silver rose on Friday. Looking at the daily line, the MACD red kinetic energy column increased, and the KDJ stochastic indicator remained stable near the 50 level. In 4 hours, the MACD red kinetic energy column increased in volume and the KDJ stochastic indicator approached the 50 level as a whole. From the above point of view, the bullish momentum of silver is insufficient, and it may fluctuate further in the short-term. In operation, it is recommended to do more on the dip.


Spot gold:


Resistance: 1970, 1975, 1981 Support: 1961, 1956, 1950


Spot silver:


Resistance: 27.70, 28.00, 28.30 Support: 27.20, 26.90, 26.60