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Gold: 1706-1727 range bottoming

A brief analysis of the fundamentals:

On Thursday (September 8), the European Central Bank raised interest rates for the first time by 75 basis points as expected by the market, and then Lagarde's hawkish speech continued to make the US index fall below the 110 mark, but on the other hand, the number of initial jobless claims was optimistic, highlighting that With the strong momentum of the U.S. job market, U.S. bond yields rose again, and spot gold rose first and then fell, returning to below the $1,710 mark, and finally closed up 0.53%.

Spot gold XAUUSD 4-hour chart

A brief technical analysis:

From the 4-hour chart, the price of gold rebounded around 1727 and then fluctuated in a wide range. It is still in the bottom-building stage. The MACD is hovering near the zero axis, indicating that the trend has entered a direction selection. After breaking the key resistance, the current support is still around 1706, while the upper 1727 is the resistance of the previous high point, if it breaks the resistance of 1727, it is expected to usher in a new wave of rising space

Long and short turning point: 1706.00

Resistance: 1727.00 1740.00

Support level: 1706.00 1688.00

Trading Strategy: Bullish above 1706.00, target 1727.00 1740.00  

Alternative strategy: bearish below 1706.00, target 1680.00 1660.00

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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