Jul. 29 gold price trend analysis
International gold price volatilized and kept arranging yesterday, stabilized at 1300 and failed to breach 1310 resistant line in the morning, then volatilized and declined to about 1304USD/oz., which indicates that currently whether the market will go up or down is not clear before the US Non-farm Payrolls data released. Today’s Asian early trading gold market kept arranging, amplitude is limited.
As for data, U.S. June monthly and annual data of U.S. home sales released yesterday are not as good as expected, which support gold price stabilized at above 1300, but doesn’t affect U.S. dollar index very much, moreover, EU is intended to enhance the sanction against Russia and that also gives gold price some support. Combined all above, gold suffers some difficult to increase. Trading short positions when price approaching the resistant line would be a good choice. (jinyu group)