Gold: Bullish above 1710

A brief analysis of the fundamentals:

The non-agricultural data released last Friday on Monday (September 5) fell sharply, and the tension between supply and demand in the U.S. labor market slowed down, cooling the market’s expectations for a sharp interest rate hike by the Federal Reserve.

The U.S. dollar index soared and fell back, gaining and losing the 110 mark. Spot gold fell into a range-bound range with a volatility of 8 dollars, and finally closed up 0.15%. Looking forward to this week, the ISM service industry purchasing managers index to be announced in the next day is worthy of attention. It is expected that The indicator will fall to 54.9 from 56.7; Wednesday's U.S. July trade account and Thursday's initial jobless claims are also more important data.

Spot Gold XAUUSD 1 Hour Chart

A brief technical analysis:

From the 1-hour chart, the gold price continued its rebound momentum in the short-term and regained strength above $1,700. MACD continued to increase its volume above the zero axis, showing that the trend has changed from weak to strong. The support has now moved up to $1,710, and continues to see a rebound above 1,710 within days. 1730-1750.

Long and short turning point: 1710.00

Resistance: 1730.00 1750.00

Support: 1710.00 1700.00

Trading strategy: bearish below 1710.00, target 1690.00   1660.00  

Alternative strategy: bullish above 1710.00, target 1730.00 1750.00