Gold: continue to watch up above 1675

Fundamental analysis:

On Monday (October 4) on the first trading day in October, many bad news emerged in the market. Among them, the ISM manufacturing index in the United States in September is less than expected. There are also weak credit markets and rumors about the collapse of Credit Switzerland. Note that the United States Fed will cut interest rates at May 2023. The 10 -year Treasury bond yield in the United States has fallen at a high level and has plummeted 26 basis points. For the first time this year, the spot gold has risen sharply, hitting a new high in the past three weeks, and finally closed up 2.13%.

Spot gold xauusd 4 -hour chart

Technical analysis:

Looking at the 4 -hour chart, the pressure of the gold price of 1675 rose in one go, and the upward trend was confirmed again. MACD's sharp volume on top of the zero axis showed that the bulls trend was strong. Lord, the top target is 1700-1730.

Resistance level: 1700.00 1730.00

Support bit: 1650.00 1640.00

Trading strategy: Bullies above 1675.00, target 1700.00 1730.00

     

Extracting strategy: Watch the decline under 1675.00, target 1660.00 1650.00