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Gold: blocked retreat

Fundamental Analysis.

Wednesday (May 24) with the dollar higher, and the Fed governor Waller's hawkish remarks and the May meeting minutes hit the market on its June press expectations, spot gold sank nearly $30 from the daily high, and finally closed down 0.88%. Looking ahead to the market, the debt crisis negotiations are at an impasse again, the main line of attention at the moment is still the expected change in the Fed's June rate hike, gold prices are weak in the short term.

Spot gold XAUUSD four-hour chart

Brief technical analysis.

4 hours chart, gold rebounded 1983 after the resistance to fall, MACD volume in the zero axis under a small release, the market continues to be weak, the current resistance moved further down to 1970 near, the level under the day to see 1950-1935 near.

Resistance level:1970 1983

Support level:1950 1935

Trading strategy: 1970 below bearish, target 1950 1935
Alternative strategy: 1970 bullish above, target 1983 2000  

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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