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Gold: 1796 support is effective

Brief analysis of fundamentals:

On Thursday (December 29), the release of U.S. jobless claims data failed to strengthen the Fed’s tightening expectations. The U.S. dollar index fell below the 104 mark again, closing down 0.47%. The 10-year U.S. bond yield extended its decline, thanks to the dollar And U.S. bond yields fell, and spot gold continued to rebound, once standing at $1,820 an ounce, closing up 0.59%. At present, there is no guidance from economic events, and it is difficult for the price of gold to fluctuate significantly, and the pattern of consolidation at high levels is expected to continue.

Spot gold XAUUSD 4 hours chart

Brief technical analysis:

Looking at the 4-hour chart, the price of gold will start to rebound further above 1796, and the MACD volume can start to increase slightly above the zero axis. The current support of 1796 is confirmed again.

Resistance: 1820.00 1835.00

Support level: 1796.00 1785.00

Trading strategy: Bullish above 1796.00, target 1820.00 1835.00
Alternative strategy: bearish below 1796.00, target 1785.00 1760.00

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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