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Gold: Bearish below 1752
2022-08-22
1746
A brief analysis of the fundamentals:
On Friday (August 19), the U.S. dollar index continued to rise sharply, and spot gold fell under pressure. According to the Fed Observation Tool, the market currently expects a 60% probability that the Fed will raise interest rates by 50 basis points in September, and a 75 basis point probability of a rate hike. is 40%. For more information on monetary policy, this week will focus on the Jackson Hole Global Central Bank Annual Meeting.
Spot gold XAUUSD 1 hour chart
A brief technical analysis:
From the 1-hour chart, the price of gold continues to decline. The current resistance moves down to 1752. At the same time, the MACD continues to increase its volume below the zero axis, indicating that the market may continue to decline. It will continue to be bearish below 1752 within days, and the target below is 1735. -1720
Long and short turning point: 1752.00
Resistance: 1752.00 1770.00
Support: 1735.00 1720.00
Trading strategy: bearish below 1752.00, target 1735.00 1720.00
Alternative strategy: bullish above 1752.00, target 1770.00 1800.00
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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