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Gold: Breaking below 1730, the trend turns bearish
2022-08-31
1550
A brief analysis of the fundamentals:
On Monday (August 30), senior officials of the European and American central banks continued to play hawks. Federal Reserve officials said that the policy tightening work is far from over, and interest rate hikes need to continue next year; Postponing rate hikes due to recession. Affected by the above remarks, the yield on the 10-year U.S. Treasury bond once again broke below 3.1%, and spot gold rose and fell to the lowest level of 1720, and finally closed down 0.61%.
Spot gold XAUUSD 1 hour chart
A brief technical analysis:
From the 1-hour chart, the price of gold fell below $1,730 again, and the trend returned to bearishness. MACD re-intensified below the zero axis, indicating that the downward trend has continued. It continued to be bearish below 1730 within days, with a target of 1700-1680.
Long and short turning point: 1730.00
Resistance: 1745.00 1760.00
Support level: 1720.00 1700.00
Trading strategy: bearish below 1730.00, target 1720.00 1700.00
Alternative strategy: bullish above 1730.00, target 1745.00 1760.00
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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