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Gold: Build a small bottom

2023-08-23
634
Basic face analysis:

On Tuesday (August 22), spot gold was still hovering near the five -month low. The European market once broke through the 1900 mark. Then it vomited all the increases and rebounded slightly at the end, and finally closed up 0.18%. Before the Jackson Hall Global Bank Annual Meeting, various small news in the market began to ferment and spread, and the trend of gold prices entered a turbulent.

Spot gold xauusd four hours



Technical analysis:

Looking at the 4-hour chart, the gold is consolidated near the 1900 mark. The amount of MACD can shrink down under the zero axis. The short-term trend is expected to turn long. Supporting attention near 1885-1890 below, resistance to the above 1910-1920.

Resistance position: 1910 1920

Support bit: 1885 1890

Trading strategy: Bull above 1885, target 1910 1920
Alternative strategy: Below of 1885, target 1870 1860

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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