Gold: 1700-1722 range-bound

A brief analysis of the fundamentals:

On Tuesday (July 19), it was rumored that the European Central Bank would discuss raising interest rates by 50 basis points this week. The euro led a series of non-US currencies to strengthen, and the US index weakened. Gold fluctuated widely, and finally closed up slightly by 0.16%. Gold prices continued to be under pressure this week, trading in a short-term range due to the lack of fresh drivers and the FOMC meeting next week, which means the Fed has entered a period of silence.

Spot gold XAUUSD 1 hour chart

From the 1-hour chart, the price of gold is suppressed by the resistance of 1722, and at the same time, it is obviously supported above 1700. The MACD shrinks sharply near the zero axis, showing that the market has entered a shock of 1700-1722. Within 1 days, the operation is dominated by shocks in this range. , see 1745 at the bottom, and 1680 at the bottom

Long and short turning point: 1722.00

Resistance: 1722.00 1750.00

Support level: 1700.00 1670.00

Trading strategy: bearish below 1722.00, target 1690.00 1670.00

Alternative strategy: bullish above 1722.00, target 1750.00 1780.00