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Gold: Follow 1783 support

2022-12-23
1388
Fundamental analysis:

On Thursday (December 22), the annualized GDP in the United States in the third quarter was greatly repaired to 3.2%month -on -month. The strong economic data pushed the inflation, which made the Fed's tightening concerns to sweep the market again. , The US dollar index re -stood on the 104 mark. As the US dollar stronger, spot gold dived, and closed down 22 US dollars throughout the day, a decrease of 1.21%. As the US dollar has strengthened, the risk of the Fed's tightening is lingering, and the price of gold may face a large selling pressure.

Spot gold xauusd 4 -hour chart




Technical analysis:

Looking at the 4 -hour chart, the price of gold continues to be blocked at the 1820 mark, and then starts the decline. At the same time, the MACD volume can shrink sharply on the zero axis. It indicates that the market trend of the market may end. If you fall below, the market is expected to start a rebound around 1805-1820. If you fall below this bit, the short trend will be established. Looking at 1770-1750 below.

Resistance level: 1805.00 1825.00

Support bit: 1783.00 1770.00

Trading strategy: Bullies above 1783.00, target 1805.00 1825.00
Extracting strategy: Watch the decline under 1683.00, target 1770.00 1750.00

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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