Gold: focus on 1782 support

A brief analysis of the fundamentals:

Wednesday (August 10) US data was lower than expected, and July CPI data was lower than expected, easing the pressure on the Fed to continue aggressive interest rate hikes. Investors now expect a 50 basis point rate hike next month. 75 basis points, but then Fed officials continued to hawk, saying that U.S. inflation was "unacceptably high" and the Fed would continue to raise interest rates for the rest of the year. The U.S. index rebounded after falling below the 105 mark, and spot gold rose and fell, failing to stabilize at the $1,800 mark, and finally closed down 0.12%.

Spot Gold XAUUSD 4-hour Chart

A brief technical analysis:

Looking at the 4-hour chart, the price of gold fell after rising, but still maintained above 1782. It is difficult to turn empty before the support is broken. At the same time, the MACD shrinks above the zero axis, indicating that the market may enter a shock, and it will be less than $1782 within a day. It can be maintained bullish, the upper target is 1800-1820, and if it breaks 1782, it will look at 1770-1755

                                                          

Long and short turning point: 1782.00

Resistance: 1800.00 1820.00

Support: 1782.00 1770.00

Trading Strategy: Bullish above 1782.00, target 1800.00 1820.00

Alternative strategy: bearish below 1782.00, target 1770.00 1755.00