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Gold: 1740 support is valid
2022-08-25
1704
A brief analysis of the fundamentals:
On Wednesday (August 24), Federal Reserve officials re-emerged. Minneapolis Fed President Kashkari said that in order to control inflation, interest rates should be raised more aggressively. The US index rushed to the 109 mark under the hawkish rate hike expectations. Above, and then fell, spot gold fluctuated slightly and closed up. Investors remain cautious about the market as the Jack Hall central bank annual meeting is about to open.
Spot gold XAUUSD 1 hour chart
A brief technical analysis:
From the 1-hour chart, the price of gold is running above $1,740, and it continues to rebound from the bottom in the short-term. It remains bullish above 1,740 in the day, and MACD continues to moderately increase volume above the zero axis, showing that the market has further upward momentum. The upper target 1760-1780
Long and short turning point: 1740.00
Resistance: 1760.00 1780.00
Support level: 1740.00 1730.00
Trading strategy: bullish above 1740.00, target 1760.00 1780.00
Alternative strategy: bearish below 1740.00, target 1730.00 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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