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Gold: focus on 2000 points gain or loss

Fundamental Analysis.

Friday (May 12) the country's debt ceiling crisis and the banking sector pressure is still worried about the safe-haven demand, spot gold rallied again after the 2000 mark, the final daily K-line closed out the cross. Looking ahead, the key events to watch include more macro data such as retail sales, which are known as "scary data", the debt ceiling debate and the risk of contagion from the banking crisis.

Spot gold XAUUSD four-hour chart

Technical analysis.

4-hour chart, gold finally stabilized near the 2000 mark, but MACD volume is still under the zero axis to maintain the release, short pressure is still large, focus on the 2000 point of support, the level above the rally 2030-2050 near, below the level then look down near 1980-1970.

Resistance level: 2030 2050

Support level: 2000 1980

Trading strategy: 2000 bullish above, target 2030 2050   
Alternative strategy: 2000 below bearish, target 1980 1970

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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