Gold: bullish above 2032

Fundamental Analysis.

Thursday (May 4) the Federal Reserve interest rate resolution boots just shortly after the ground, the banking crisis and escalation, it is reported that the FDIC to consider allowing the large U.S. banks to afford more insurance fund supplements, the Financial Times said Alains West Bank to consider selling business, spot gold by the impact of risk aversion strong pull up, closed up 0.53%. Looking ahead, gold prices will benefit from the expected spike in Fed rate cuts, recession fears and U.S. banks' woes, and are expected to continue to sustain the rally.

Spot gold XAUUSD four-hour chart

Brief technical analysis.

The 4-hour chart shows that gold continues to move higher above the 2032 support, while the MACD volume above the zero axis is substantially evenly released, the market continues to be strong and long, the current support moved up to near 2032, maintain bullish above 2032, above the target 2060-2080 near.

Resistance level:2060 2080

Support level:2032 2018

Trading strategy: 2032 bullish above, target 2060 2080   

Alternative strategy: 2032 bearish below, target 2018 2005

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