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Gold: 1920 support is effective

2023-01-25
1342
Brief analysis of fundamentals:

On Tuesday (January 24), the U.S. economic data was mixed. Although the initial value of the Markit service industry and manufacturing PMI in January was still below the line of prosperity and contraction, they both improved compared with the previous value. Boosted by this, the U.S. dollar index once soared To 102.45, but then the Richmond Fed manufacturing index in January dropped sharply to -11, far below the expected value, which once again triggered market concerns about the U.S. economic recession. The U.S. index fell sharply and fell below the 102 mark. Spot Gold continued to rise, reaching as high as $1,942.41 per ounce during the session, setting a nine-month high since April last year for four consecutive days, closing up 0.31%.

Spot gold XAUUSD 4-hour chart




Brief technical analysis:

Looking at the 4-hour chart, the price of gold continues to strengthen above 1920, and the MACD volume can be released evenly above the zero axis, indicating that there is still room for further rise in the market. The current support focuses on around 1920, and continues to be bullish above 1920. The target is 1940 - around 1950.

Resistance level: 1940.00 1940.00

Support level: 1920.00 1900.00

Trading strategy: Bullish above 1920.00, target 1930.00 1950.00
Alternative strategy: bearish below 1920.00, target 1900.00 1890.00

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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