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Gold: 1753 is a watershed for long and short

A brief analysis of the fundamentals:

Thursday (August 25) U.S. economic data was mixed. Initial jobless claims data continued to be lower than expected, showing that the U.S. job market was still strong, easing recession fears. Rate hikes must continue. Spot gold finished higher and fell back, and fell below the $1,760 mark, eventually closing up 0.45%. At 22:00 tonight, Fed Chairman Powell will speak at the Jackson Hole Global Central Bank Annual Conference, and investors need to pay attention.

Spot gold XAUUSD 1 hour chart

A brief technical analysis:

Looking at the 1-hour chart, the price of gold has formed obvious resistance at 1765 after rising and falling back. At the same time, the support at 1753 below is still valid. MACD begins to shrink above the zero axis, showing that the market is facing a choice of direction. , bearish below 1753, target 1740-1730.

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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