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Gold: Bargain of 1850

2023-01-09
708
Fundamental analysis:

The latest non -agricultural employment report on Friday (January 6) showed that non -agricultural employment increased by 223,000 in December, higher than the expected 200,000, but the minimum increase since December 2020. After the data was announced, the federal fund interest rate dropped showed that the market fell further on the Fed's interest rate hike. The spot gold station was on the $ 1850 mark, and then closed at nearly $ 1870, which rose 55 US dollars within the day. The strong performance of the employment market has been expected by the market. Prior to this, as a vane of non -agricultural employment data, ADP employment data performed strongly, which stimulated the market's heating up to the Fed's expected expectations, thereby promoting the rise in the US dollar in advance. In view of this, the performance of non -agricultural data can be regarded as viewed In order to "expected", the "buy expectations and sell facts" market after the data was announced.

Spot gold xauusd 1 hour map


Technical analysis:

Looking at the 1 -hour chart, the price of gold continues to strengthen at the support of 1830, and the first wave of the first wave of the first wave of 1860 is rising. Short support, strong support is located near 1850, and continues to watch above 1850, the above targets are around 1878-1900.

Resistance level: 1878.00 1900.00

Support bit: 1860.00 1850.00

Trading strategy: Bullies above 1850.00, target 1878.00 1900.00
Qualification Strategy: Watch under 1850.00, target 1835.00 1820.00

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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