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Gold: 1750 does not break or stand
2022-07-14
1239
A brief analysis of the fundamentals:
The U.S. CPI data for June released on Wednesday (July 13) recorded 9.1%, far exceeding expectations of 8.80% and a new high in 40 years. The US index rose and fell due to the realization of short-term benefits. The correction of the US index and the prospect of a recession that may be brought about by the Fed’s aggressive interest rate hikes gave gold a chance to breathe. After hitting a new low of 1706 for the year, the gold price once rebounded sharply above 1740. However, as the Fed's attitude to control inflation becomes more and more determined, it is still difficult for the US index to reverse its strong pattern, and the road to gold price rebound may not be smooth.
Spot gold XAUUSD 1 hour chart
A brief technical analysis:
From the 1-hour chart, the price of gold rebounded to above 1740 and then fell back. The rebound in this wave was mainly due to digesting the short-term oversold, but the trend did not reverse significantly, and it was still weak before breaking above 1750. Continue to look at shocks during the day, with support at 1710 below and resistance at 1750 above.
Long and short turning point: 1750.00
Resistance: 1750.00 1765.00
Support level: 1720.00 1710.00
Trading strategy: bearish below 1750.00, target 1720.00 1710.00
Alternative strategy: bullish above 1750.00, target 1765.00 1780.00
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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