Gold: 1850 is a long vacuum watershed

Fundamental analysis:

On Tuesday (February 21), another economic data in the United States "exploded", and the initial value of the Markit service industry in the United States in February was recorded by 50.5, exceeding the expected 47, and returned to the top of the Rongbai line. It was a new high since June 2022. Essence The strong economic data caused traders to heat up the Fed's eagle interest rate hikes, and most of the spot gold vomited most of the increase within the day, and finally closed down 0.37%. At 3 am on Thursday, the Fed will announce the minutes of the Monetary Policy Conference in February. The focus is on interest rate hikes 25 basis points or 50 basis points. Gold prices will face large fluctuations.

Spot gold xauusd 4 -hour chart

Technical analysis:

Looking at the 4-hour chart, the price of gold continues to decline after being blocked under 1850, but the MACD is in a shrinking state under the zero axis. 1800; if the upper breaks 1850, the short-term bottom is established, and the above is 1865-1885.

Resistance level: 1850.00 1865.00

Support bit: 1820.00 1800.00

Trading strategy: Watching under 1850.00, target 1820.00 1800.00

Alternative strategy: Bullies above 1850.00, target 1855.00 1885.00