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Gold: Enter 1870-1880 consolidation range

2023-01-11
692
Fundamental analysis:

On Tuesday (January 10), the World Bank Cut this year's global economic growth is expected to reduce the expected global economic growth in 2023 to increase from 3.0%in June last year to an increase of 1.7%. This is the third low growth rate in the past 30 years. And warned the second decline within three years. Spot gold continues to maintain shocks, and is restrained by the US $ 1880 mark, and finally closes a slight increase of 0.31%. This week, the level of inflation in the United States has become the main focus. If the CPI report in December has further declined to cool down, the price of gold is expected to maintain an attack.

Spot gold xauusd 4 -hour chart




Technical analysis:

Looking at the 4-hour chart, the price of gold continues to strengthen after breaking 1863. At present, the short-term trend has entered a narrow range, and the consolidation range is 1870-1880. At the same time, the amount of MACD can continue to be reduced in the zero axis. After the box, it is expected to establish a new wave of directions. Looking up at the top of 1900, looking at the position near 1850.

Resistance level: 1880.00 1900.00

Support bit: 1870.00 1850.00

Trading strategy: Bullies above 1870.00, target 1880.00 1900.00
Extracting strategy: Watching under 1870.00, target 1850.00 1835.00

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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