Gold: 1642 support

Fundamental analysis:

On Friday (October 21), the "New Federal Reserve News Agency" NickTimiraos said that Fed officials are moving forward in the direction of 75 basis points in raising interest rates, and considering whether to issue signals that will make a slight interest rate hike in December. As soon as this article came out, the market ushered in a huge shock. The US refers to the short -term decrease of 60 points. The spot gold increased by more than $ 20 lower than the day. The internal differences of the Federal Reserve are prominent. If more evidence shows that the interest rate hike slows down, the price of gold will be expected to continue the revenge rebound.

Spot gold xauusd 4 -hour chart

Technical analysis:

Looking at the 4-hour chart, the price of gold has a background rebound. After obtaining support near 1622, it breaks the front high pressure level of 1642. At present, the resistance has been converted into support. On the daytime 1642, the upper target is 1680-1700.

Resistance level: 1680.00 1700.00

Support bit: 1642.00 1622.00

Trading strategy: Bullies above 1642.00, target 1660.00 1700.00

Extracting strategy: Watch the decline under 1642.00, target 1622.00 1600.00