Gold: Go above 1820

Fundamental analysis:

On Wednesday (March 2), the U.S. Markit manufacturing PMI final value was recorded 47.3 in February, which was not as expected; the US February ISM manufacturing PMI recorded 47.7, lower than the expected 48 and 47.4 previous value, of which ISM price payment data Significantly better than expected. The data highlights the pressure of inflation. The Federal Reserve ’s interest rate hike is expected to rise further. Although the US dollar’ s adjustment has fallen, the yield of US debt is still rising, which continues to cause pressure on the price of gold. In the end, the gold rushing fell and closed slightly by 0.61%.

Spot gold xauusd 4 -hour chart

Technical analysis:

Looking at the 4 -hour chart, the price of gold continues to strengthen after the top 1820 is broken. MACD has a volume state above the zero axis. The shape continues the bottom rebound. The current 1820 strong resistance has been converted into support. At the same time, the new support is moved to 1830. Continue to look up, look around 1840-1860, if it falls below 1820, look around 1805-1790.

Resistance level: 1820.00 1840.00

Support level: 1805.00 1790.00

Trading strategy: Bullies above 1820.00, target 1840.00 1860.00

Extracting strategy: Flinds above 1820.00, target 1805.00 1790.00