Gold: Bearish below 1782

A brief analysis of the fundamentals:

The minutes of the Fed's July meeting on Monday (August 15) are approaching, and the market is betting that the minutes of the meeting will show the Fed's tightening line. Currently, the market expects a 55% chance of raising interest rates by 50 basis points in September, while the probability of raising interest rates by 75 basis points is 55%. to 45%. The U.S. index rose sharply throughout the day and stood above the 106 mark again. Spot gold fell sharply throughout the day, falling below the $1,800 mark during the session and once fell nearly $30, and finally closed down 1.25%. Looking ahead, ahead of the FOMC minutes, the market will be keeping a close eye on "horrible data" US retail sales data, while the performance of the dollar will remain the main driver of gold.

Spot gold XAUUSD 4-hour chart

Technical brief:

In the 4-hour chart, the price of gold fell below the support of 1782. At present, this level has been converted from support to resistance. At the same time, MACD is in a state of heavy volume below the zero axis, indicating that the market may continue to decline. It is bearish below $1782 in the day, and look below. 1770-1755

                                                          

Long and short turning point: 1782.00

Resistance: 1800.00 1820.00

Support level: 1782.00 1770.00

Trading strategy: bearish below 1782.00, target 1770.00 1755.00

Alternative strategy: bullish above 1782.00, target 1800.00 1820.00