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Gold: Follow 1689 resistance

Fundamental analysis:

On Monday (November 7), due to market risk preferences, the US dollar index continued to fall, closed down 0.52%, the spot gold fluctuated, and eventually closed down 0.35%. This week, we mainly focus on the Fed's speech and the October CPI report. The announcement of the data will affect the trend of gold prices. Slowing inflation may put pressure on the Federal Reserve and force it to slow down the interest rate hike cycle. It is expected to enhance the attractiveness of gold.

Spot gold xauusd 4 -hour chart

Technical analysis:

Looking at the 4-hour chart, the price of gold is maintained at 1670-1680 rooms. At the same time, MACD maintains a strong volume on top of the zero axis, indicating that there is still room for further strengthening of the bulls. If you break 1680, open the upward space and look at 1690-1700 above.

Resistance level: 1690.00 1700.00

Support bit: 1665.00 1650.00

Trading strategy: Bullies above 1680.00, target 1690.00 1700.00
Qualification Strategy: Watch under 1680.00, target 1665.00 1650.00

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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