On Friday (August 26), US Federal Reserve Chairman Powell made a "hawkish" speech at the annual meeting in Jackson Hole, indicating that he was determined to exchange the slowdown of economic growth for the cooling of inflation and would not relax the policy prematurely. This speech echoed the remarks made by other US Federal Reserve officials earlier. The U.S. index recovered the 108 level, and the spot gold showed a double whammy. At the beginning of Powell's speech, the short-term decline of the gold price expanded, and then it rebounded sharply and plunged again, finally falling below 1740 US dollars per ounce. With the landing of hawkish expectations of the Federal Reserve, gold may fall in the short term, but it is still necessary to guard against retaliatory rebound after the interest is exhausted.
Spot gold xauusd 4-hour chart
According to the 4-hour chart, the gold price has entered an obvious downward trend, and MACD has started to release under the zero axis, indicating that the market is under great selling pressure. In the day, the focus is on the first-line support of 1730. It is bullish above 1730, with a target of 1750-1765, bearish below 1730, and a target of 1715-1700.
Long and short turning point: 1730.00
Resistance level: 1750.00 1765.00
Support position: 1730.00 1715.00
Trading strategy: bullish above 1730.00, target 1750.00 1765.00
Alternative strategy: bearish below 1730.00, target 1715.00 1700.00