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Gold: bottoming out and rebounding
2023-05-31
968
Fundamental Analysis.
On Tuesday (May 30), as the market was widely optimistic about the U.S. debt ceiling deal, the U.S. dollar index retreated from a two-and-a-half-month high, while boosted by the dollar and falling U.S. bond yields, spot gold fell before rising, intra-day gains once expanded to 1%, breaking above the $1,960 barrier, and finally closed up 0.82%. Looking ahead, with the dollar topping out, market sentiment is expected to improve so that gold prices continue to rally.
Spot gold XAUUSD four-hour chart
Brief technical analysis.
4-hour chart, gold stabilized near 1940 to form a bottom, the current support moved up to near 1950, MACD volume below the zero axis is about to penetrate, the trend turned long, bullish above 1950, the upper target 1970-1985.
Resistance level:1970 1985
Support level:1950 1935
Trading strategy: bullish above 1950, target 1970 1985
Alternative strategy: bearish below 1950, target 1935 1920
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