Forex Account: Shanghai gold got a slight rebound but still trade slowly

Forex Account – Yesterday the international gold price got a rebound to above 1200 US dollars in the forex market, and affected by this the Shanghai gold prices got support from that and got slight rebound as well. Among them the close quotation of the major Shanghai gold future contract 1012 was higher than that of the previous trading session in the forex market, and the close quotation was 264 yuan per gram, but the price went down and was closed at 263.30 yuan per gram, increased by 0.69 percent, but the trading was still slow. And the quantity and price ratio indicated there has been part of new air-dropped funds coming into the forex market.

In the Asia forex market, the international gold price was traded between 1209 and 1212. Seen from the London intraday line, the gold price dropped below the rising wedge since the middle of May, and the death crosses of the swing index on the week line has not been recovered yet, and there was sign of the death crosses in the swing index on the month line, the trend of the gold price in the middle of the trading session was still bearish in the forex market.

Future analyst Zhang Yingying in Galaxy pointed out that even though there were many elements supported gold prices in the forex market, but due to the technical chart indicated a bearish trend in the forex market, the forex brokers should targeted at 1150 to 1160 US dollars to get rid of loss.

Edited by Laura.