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Gold: 1655-1680 range-bound

A brief analysis of the fundamentals:

On Wednesday (September 21), the Federal Reserve announced a 75 basis point interest rate hike as scheduled, raising the benchmark interest rate to a range of 3.00%-3.25%, and the interest rate level rose to a new high since 2008, and then the dot plot showed that the interest rate may be increased by 100-100% during the year. 125 basis points, Powell's post-meeting speech remains consistently hawkish. Affected by this, the US dollar index rose sharply, reaching a high of 111.66 during the session. Spot gold staged an "inverted V" roller coaster market, and finally closed up slightly by 0.56%. As the Fed continues to be hawkish and the situation in Russia and Ukraine shows signs of further deterioration, the price of gold is expected to remain volatile under the interweaving of bulls and bears.

Spot gold XAUUSD 4-hour chart

Technical brief:

Looking at the 4-hour chart, the gold price rebounded once pierced through 1680, and then fell back to this position again. The MACD volume decreased below the zero axis, showing that the current trend has entered into a frenzy again, forming a box range of 1655-1680. Before the break, it is regarded as a shock operation, with high altitude and low volume as the main

Long and short turning point: 1680.00

Resistance: 1680.00 1700.00

Support level: 1645.00 1620.00

Trading strategy: Bearish below 1680.00, target 1645.00 1620.00
Alternative strategy: bullish above 1680.00, target 1700.00 1720.00

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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