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Gold: 1680 blocked again

2022-09-21
607
A brief analysis of the fundamentals:

On Tuesday (September 20) as the Fed's interest rate decision approached, overnight index swaps (OIS) showed that the odds of a 100 basis point rate hike fell to 17.3%, down from 32% after last week's U.S. CPI report. The interest rate of 75 basis points has become a foregone conclusion. The yield of two-year U.S. bonds soared to 4%, the U.S. index returned to 110, and spot gold continued to decline after failing to challenge the $1,680 mark. %. In addition to the rate hike at this meeting, the market will also pay close attention to the distribution of economic forecast summaries and dot plots.

Spot Gold XAUUSD Hourly Chart





A brief technical analysis:

From the hourly chart, the price of gold fell back around 1660 after rebounding at 1680 and was blocked again. The resistance level was confirmed again. MACD was under the zero axis. , remain bearish below this level, and bullish above $1680

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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