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Gold: bullish above 1652

2022-10-28
796
Basic analysis:



On Thursday (October 27), the initial annualized quarterly rate of real GDP in the third quarter of the United States recorded 2.6%, a new high since the fourth quarter of 2021. This data effectively alleviated recession concerns. The dollar index returned above the 110 level, the 10-year US bond yield fell below 4%, and spot gold fell 0.31% after surging. With the easing of worries about economic recession and the strengthening of the US Index, the trend of the Federal Reserve's interest rate increase will directly affect the gold price trend.



Spot gold XAUUSD 4-hour chart




Technical analysis:



According to the 4-hour chart, the gold price fell back after rebounding 1670. The support has now moved up around 1652. At the same time, the MACD maintains a large volume above the zero axis, indicating that the market is still likely to rise further. The bullish trend will continue to prevail over 1652 in the day, with the upper target of 1675-1700.



Resistance level: 1675.00 1600.00



Support position: 1652.00 1640.00



Trading strategy: bullish above 1652.00, target 1675.00 1700.00

Alternative strategy: bearish under 1652.00, target 1640.00 1622.00

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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