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Gold: Focus on 1713 gains and losses
2022-07-26
1287
A brief analysis of the fundamentals:
On Monday (July 26), some analysts believed that the Federal Reserve is expected to raise interest rates by 75 basis points this week. At the same time, the European Central Bank Management Committee released a hawkish signal, and the sharp interest rate hike may not be over yet. Amplitude". Spot gold rose first and then fell, erased all gains within the day, and finally fell back below the 1720 mark, closing down 0.3%. As the Fed's interest rate decision time approaches, the market began to speculate on interest rate hike expectations, and the price of gold faced the risk of large fluctuations
Spot gold XAUUSD 1 hour chart
A brief technical analysis:
Looking at the 1-hour chart, the price of gold rebounded above 1720, rose to the previous high near 1736, and then fell again. Currently, it is again tug-of-war around 1720. At the same time, the MACD continues to shrink near the zero axis, and the trend of wide fluctuations is obvious. Continue to be bullish above 1713 within days, target 1735-1750 above, bearish below 1713, target 1700-1680
Long and short turning point: 1713.00
Resistance: 1735.00 1750.00
Support level: 1700.00 1680.00
Trading strategy: bearish below 1713.00, target 1700.00 1680.00
Alternative strategy: bullish above 1713.00, target 1735.00 1750.00
The above information is provided by special analysts and is for reference only. CM Trade does not guarantee the accuracy, timeliness and completeness of the information content, so you should not place too much reliance on the information provided. CM Trade is not a company that provides financial advice, and only provides services of the nature of execution of orders. Readers are advised to seek relevant investment advice on their own. Please see our full disclaimer.
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