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Gold: Focus on the 1621-1642 range
2022-09-27
1299
A brief analysis of the fundamentals:
On Tuesday (September 27), a number of Fed officials once again issued hawkish voices. The US index fell first and then rose. It rose to a high of 114.5 during the session. The yield of US bonds continued to rise. Spot gold rose first and then fell, and finally closed back. All gains in the spit day. As the Fed continues to aggressively raise interest rates, the bull market for the dollar is far from over, and the outlook for gold prices remains bleak.
Spot Gold XAUUSD 1 Hour Chart
A brief technical analysis:
Looking at the 1-hour chart, the price of gold rebounded to $1,642 and then went down again. The bears were obviously blocked. MACD was again slightly heavy volume below the zero axis, but the downward momentum was obviously weaker than the previous two waves. Larger, the interval is around 1642-1621.
Long and short turning point: 1642.00
Resistance: 1642.00 1655.00
Support level: 1621.00 1610.00
Trading strategy: bearish below 1642.00, target 1621.00 1610.00
Alternative strategy: bullish above 1642.00, target 16550.00 1670.00
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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