Gold: Bearish below 1710

A brief analysis of the fundamentals:

On Thursday (September 1), Fed officials continued to speak hawkishly, reiterating the Fed's focus on curbing inflation, while the number of Americans filing for unemployment benefits for the first time last week was 232,000, better than expected. The U.S. index once stood at the 110 mark, hitting a new 20-year high, and the yield on U.S. bonds reached a new high. Gold fell below the 1700 mark and finally closed down 0.74%. During the day, we will focus on the US non-farm payrolls data. If the data goes well, it will be a new round of suppression on gold.

Spot Gold XAUUSD 1 Hour Chart

A brief technical analysis:

From the 1-hour chart, the decline of gold prices has expanded, falling below the $1700 mark, and the trend continues to be bearish. MACD continues to increase volume below the zero axis, showing that the downward trend has continued. The current resistance is still concentrated at the 1710 line, and below 1710, see 1680. -1660.

Long and short turning point: 1710.00

Resistance: 1710.00 1720.00

Support level: 1680.00 1660.00

Trading strategy: bearish below 1710.00, target 1680.00   1660.00  

Alternative strategy: bullish above 1710.00, target 1720.00 1740.00