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Gold: Bullish above 1955
2023-06-01
933
Fundamental Analysis.
On Wednesday (May 31) after the release of Chicago PMI data that was significantly less than expected, coupled with some dovish speeches by Fed officials, spot gold pulled up briefly on the $1,970 mark, then retraced some of the gains due to stronger U.S. employment data, and finally closed up 0.18%. Looking ahead, the market is betting that the chances of continuing the rate hike in June have exceeded 60%, meaning that the rate hike in June has become the mainstream expectation, the sustainability of the rise in gold prices is in doubt.
Spot gold XAUUSD four-hour chart
Technical analysis.
The 4-hour chart shows that gold continues to rebound after stabilizing near 1955, the current support continues to focus on 19555 near the MACD volume above the zero axis, the trend turned long, bullish above 1955, the upper target 1980-2000.
Resistance level:1980 2000
Support level:1955 1940
Trading strategy: bullish above 1955, target 1980 2000
Alternative strategy: bearish below 1955, target 1940 1920
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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