Gold: bullish above 1752

Basic analysis:

On Monday (November 14), the US dollar index rebounded above 107, but after the Fed officials said that they might soon slow down the pace of interest rate hikes, the US dollar index's rise narrowed, and finally closed up 0.44%. At the same time, the US bond yield rose again collectively. Spot gold kept the 1770 mark by a wide margin, and finally managed to close up 0.01%. Looking ahead, the speeches of Fed officials are still the focus of all parties. Once the Federal Reserve releases more dove signals, gold is expected to continue to expand its gains.

Spot gold XAUUSD 4-hour chart

Technical analysis:

According to the 4-hour chart, the gold price rose again above US $1750, reaching a peak of around US $1770. At the same time, MACD continued to maintain a large volume on the zero axis, indicating that the market has further momentum for strength. The current support has moved up to around 1752, and the bullish trend continues to prevail on this level during the day. The above target is 1775-1790

Resistance level: 1775.00 1790.00

Support position: 1752.00 1735.00

Trading strategy: bullish above 1752.00, target 1775.00 1905.00

Alternative strategy: bearish under 1752.00, target 1735.00 1720.00