Xu Bohong:5.20The pullback of gold does not continue, and the market is still bullish on the intraday trend of gold. Operational suggestions

Wednesday(5month20day)Asian morning market, spotgoldSlight increase, current report1746dollar/Around ounces. Federal Reserve Chairman Powell stated that during the pandemic, the Federal Reserve is prepared to take all necessary measures to help boost the economic outlook of the United StatesG-10Among currencies, the New Zealand dollar and pound sterling performed the best, while the Japanese yen lagged behind. Spot gold rebounded near the daily low20USD, refresh daily high to1745Near the US dollar, the easing of market optimism has boosted the safe haven demand for gold. Gold prices rose on Tuesday on the expectation that the Federal Reserve will provide more monetary stimulus measures, but optimism about the novel coronavirus vaccine limited the rise of gold prices.
　　
On Monday, gold hit a new high in nearly seven years1765First line, followed by a short-term decline, with a decline of nearly40US dollars. On Tuesday, the bullish market continued to strengthen, reaching its highest point during the US market1748Nearby, there is still a strong upward trend, which should be seen as a bullish trend. However, in the short term, especially this morning when the market is still fluctuating at a high level, I believe that gold prices urgently need to make significant adjustments, otherwise it will be difficult to rise strongly in the future. Since there is a demand for adjustment in gold prices, when will it start and where can we see it? Xu Bohong believes that the market has an impact on international trade-The expectation of the situation is not very optimistic, which weakens the safe haven demand for the US dollar. The market expects the epidemic to be a key point and also forms a safe haven for gold, with gold prices leaning towards bulls in the short term.
　　
Of course, it is a fact that the bulls are currently in a strong position, which we cannot rule out1750There is a possibility of breaking through short-term resistance. If the bulls break through strongly, they need to pay attention to Monday's high in the future1765, break the position, then let's see2012Of1795High point; On the contrary, the adjustment space mentioned above will most likely be realized. However, for1720The possibility of breaking the limit is considered very low by Xu Bohong, because in addition to the urgent need to adjust the trend of gold, the US dollar has already reached resistance level and there may be a short-term correction at any time, which will inevitably limit the downward space of gold; From the recent consecutive rise of gold alone, there are also signs of a significant unilateral exit ahead of schedule. In short, the market is hedging with gold, and a large number of safe haven purchases have led to gold breaking new highs again;
　　
Overall, although the current bullish trend has not changed, the current strength is not extremely strong, at least it is a high level oscillation performance, because the retracement is too large, which will slow down the upward movement and compress the upward space. That is to say, after the sharp drop on Monday, it will continue to move todayVThe possibility of a reversal of the trend and a bullish closing is not high, so in the future, both long and short positions will be trading in the short term, mainly focusing on1726Support, lower the layout, and consider high-altitude intervention after encountering obstacles. Note that the most important support below is1722/18Region, there is still a possibility of restarting bullish positions in gold at this position, but once it breaks through1718Then the long position of gold will be terminated. Gold trading strategy: focusing on1728-30Support long positions, observe the strength of the long rebound, and focus on the top1750，1765Suppression.
　　
This article is exclusively contributed by Xu Bohong. Investment carries risks and trading needs to be cautious. The article can only provide you with a temporary direction and train of thought, but cannot provide you with a thorough understanding of market attributes, turning points, key support or resistance. As for the general direction of the market and the timing of resolving the situation, follow Xu Bohong and Wei Xin:【xbh768】We will provide the most robust strategy and the desired results in real-time.