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Gold: first rise and then down

Basic face analysis:

According to the data released on Monday (May 1), the ISM manufacturing index in April has shrunk for the sixth consecutive month, the longest cycle since 2009, but the price payment index rebounded to the highest level of 9 months, indicating that inflation pressure Still existing, so the market bet on the Federal Reserve ’s interest rate hikes this week to rise to 94%. Spot gold has been suppressed by both US dollars and US debt yields, which eventually rushed to fall and fell out again, and once again out of the“ inverted V ”quotation.

Spot Gold XAUSD four -hour chart

Technical analysis:

Looking at the 4-hour chart, although Gold once rushed to the 2000 mark, it still maintained a wide collateral pattern of 1970-2012. The MACD volume could shrink near the zero axis. ; The support below pays attention to 1970, falling below the 1950-1920, mainly in the interval.

Resistance position: 2012 2030

Support bit: 1970 1950

Trading strategy: Bull above 1970, target 2012 2030
Alternative strategy: Below the drop below 1970, target 1950 1930

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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