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Gold: 1675 resistance formation

2022-10-02
1181
Fundamental analysis:

On Friday (September 30), the PCEE price index in the United States recorded 4.9%in August, the largest increase since April 2022, higher than the expected 4.7%. Going up, the spot gold rushed up and fell slightly. Recently, the speech of Fed officials unanimously emphasized the determination of tightening, and the key fundamental driving factor of heavy pressure on gold is still intact, and the current price of gold prices may be relatively limited.

Spot gold xauusd 1 hour map



Technical analysis:

Looking at the 1 -hour chart, the gold price rebound 1675 continuously blocked. At present, the short -term desire forms a "double top" form. MACD has also begun to put it slightly on top of the zero axis, but compared to the previous wave of volume, it can be departed. Press, watch the callback under 1675 within the day, and go the goal to see 1650-1640 below.
                                                          
Multi -time turning point: 1675.00

Resistance level: 1690.00 1700.00

Support bit: 1650.00 1640.00

Trading strategy: Bullies above 1675.00, target 1690.00 1700.00
     
Extracting strategy: Watch the decline under 1675.00, target 1660.00 1650.00

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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