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Gold: Continue to be bearish below 1763
2022-07-07
1689
A brief analysis of the fundamentals:
On Wednesday (July 6), the Federal Reserve released the minutes of its June monetary policy meeting, and the signals released were generally hawkish. Officials see a 50- or 75-basis-point rate hike in July, the minutes noted, and could take a tougher stance if inflationary pressures continue to rise. Market analysis, the minutes showed that the Fed's focus on inflation overshadowed concerns about economic recession, and expectations of interest rate hikes continued to rise. The US index achieved four consecutive positives and reached a high of 107. Spot gold continued its decline and broke below $1,840. , and finally closed down 1.43%.
Spot gold XAUUSD 1 hour chart
A brief technical analysis:
In the 1-hour chart, the price of gold remains below 1785, and then breaks the support. The MACD column continues to expand below the zero axis. The market bears strong sentiment. The current resistance has moved down to 1763, and remains bearish below 1763. Target 1730-1700
Long and short turning point: 1763.00
Resistance: 1763.00 1780.00
Support level: 1730.00 1700.00
Trading strategy: Bearish below 1763.00, target 1730.00 1700.00
Alternative strategy: bullish above 1763.00, target 1780.00 1800.00
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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