Gold: Bearish below 1710

A brief analysis of the fundamentals:

On Tuesday (September 6), driven by better-than-expected economic data, the market continued to price the Federal Reserve's monetary policy will remain aggressive, while money markets lowered their expectations for a rate hike by the European Central Bank, with bets on the European Central Bank's interest rate showing a rate hike There are still large variables at 75 basis points. The US dollar index fluctuated upwards under the fluctuation of the other, and stood at the 110 mark, hitting a new 20-year high. The 30-year US bond yield rose above 3.5%, and spot gold rose and fell below the ground. 1700 mark, and finally closed down 0.49%.

Spot Gold XAUUSD 1 Hour Chart

A brief technical analysis:

Looking at the 1-hour chart, the gold price turned down and broke the key support, and the MACD continued to increase volume below the zero axis, indicating that the trend has further downward momentum. The resistance is currently mainly concentrated in the $1705-1710 area, and it will continue to bearish below 1710 within days. 1680-1660.

Long and short turning point: 1710.00

Resistance: 1720.00 1740.00

Support: 1710.00 1700.00

Trading strategy: bearish below 1710.00, target 1680.00   1660.00  

Alternative strategy: bullish above 1710.00, target 1720.00 1740.00