Gold: Bullish above 1782

A brief analysis of the fundamentals:

On Friday (August 12), the market lacked the influence of economic data, and the fundamental outlook of gold was still complicated. Geopolitical tensions and the Federal Reserve remained highly vigilant about inflation. Spot gold was consolidating around 1800. Inflation in the United States fell sharply in July, but the Fed's monetary policy is still tightening. Central bank officials including Fed Chairman Powell have suggested that the pace of US interest rate hikes will not stop too soon, and gold prices still need further news guidance in the future

Spot Gold XAUUSD 4-hour Chart

Technical brief:

Looking at the 4-hour chart, the price of gold remains above 1782, and it has fallen back several times without breaking the support to confirm it is valid again. At the same time, the MACD shrinks above the zero axis to show that the market may remain volatile, maintaining the previous idea and bullish above $1782. The upper target is 1800-1820, and if the lower target is 1782, see 1770-1755

                                                          

Long and short turning point: 1782.00

Resistance: 1800.00 1820.00

Support: 1782.00 1770.00

Trading Strategy: Bullish above 1782.00, target 1800.00 1820.00

Alternative strategy: bearish below 1782.00, target 1770.00 1755.00