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Gold: Decisive battle 1631

2022-11-03
678
Fundamental analysis:

On Wednesday (November 2nd) the Federal Reserve for the fourth consecutive interest rate hikes 75 basis points, implying that in December, it may slow down the pace of interest rate hikes. It was interpreted as pigeons by the market. The maximum breakthrough of 1669; then Powell said that the level of terminal interest rates will be higher than previous expectations, indicating that fighting inflation is still the primary task. The initial pigeon response was reversed. The rebound was nearly a hundred points, and all the gains of the Federal Reserve's resolution rose from 1669.27 to near 1634.

Spot gold xauusd 1 hour map


Technical analysis:

Looking at the 1 -hour chart, the price of gold rose to the first line of 1670, and then fell to the front low point of 1631 to stop falling. At the same time, MACD once again pierced the zero axis to mild a mild volume at the zero axis, indicating that the poly head kinetic energy entered the state of failure. Empty watershed, look at the rebound 1645-1660, look at 1620-1600 under this bit

Resistance level: 1645.00 1660.00

Support bit: 1632.00 1620.00

Trading strategy: Bullies above 1631.00, target 1645.00 1660.00
Extracting strategy: Watch the decline under 1631.00, target 1620.00 1600.00

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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