A brief analysis of the fundamentals:
On Tuesday (September 13), the US CPI in August greatly exceeded expectations. After the unexpected CPI data was released, the market's expectations for the Federal Reserve to raise interest rates by 75 basis points in September continued to soar, and at the same time began to discuss the US interest rate hike by 100 basis points. The dollar index rose sharply, approaching the 110 mark during the session, and the spot gold dived sharply during the session, and once fell below the $1,700 mark, and finally closed down 1.30%. With the rekindling of interest rate fears, major risk assets ushered in a new round of looting. Under the high pressure of the strengthening of the US index and US bond yields, the price of gold has a lot of bad luck in the short term.
Spot gold XAUUSD 4-hour chart
A brief technical analysis:
From the 4-hour chart, the price of gold rose and fell back strongly, breaking the key support. MACD began to increase volume below the zero axis, indicating that the trend has begun to enter a downward trend. The previous strong support of 1712 has turned into resistance, and continued bearishness below this level in the day. , target 1688-1675 below
Long and short turning point: 1712.00
Resistance: 1712.00 1730.00
Support level: 1688.00 1675.00
Trading strategy: bearish below 1712.00, target 1688.00 1675.00
Alternative strategy: bullish above 1712.00, target 1730.00 1740.00