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Gold: Follow 1780 support

2022-12-12
1342
Fundamental analysis:

On Friday (December 9), the United States November PPI (producer inflation data) fell from the previous month, but all data exceeded expectations. Faced with inflation that is still much higher than the central bank's goals, the Fed's interest rate resolution will become the attention of the Federal Reserve. The focus of the United States reminds near the 105 mark, and the spot gold is blocked near the top $ 1,808, and eventually closes a slight increase of 0.60%again. Looking forward to the market outlook, considering that the yields of the US dollar and US debt are still under pressure, there is no too much degradation factors. If gold can break through the key resistance in the Fed ’s interest rate resolution next week, the bullish prospects will be clearer.

Spot gold xauusd 4 -hour chart




Technical analysis:

Looking at the 4-hour chart, the price of gold continues to rise after being supported above 1780. At the same time, MACD continues to volume above the zero axis, indicating that the market is expected to continue the upward trend. The current support continues to pay attention to $ 1780.

Resistance level: 1810.00 1825.00

Support bit: 1780.00 1760.00

Trading strategy: Bullies above 1780.00, target 1810.00 1825.00
Extracting strategy: Watch the decline under 1780.00, target 1760.00 1740.00

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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