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Gold: Look at the decline under 1655

2022-10-31
790
Fundamental analysis:

On Friday (October 28), the latest economic data of the United States paved the road for the Federal Reserve to maintain the current interest rate hike pace. The core PCE price index increased by 5.15%year -on -year, accelerating for the second consecutive month, the US index closed up 0.09%, 10 years in 10 years, 10 years. The yield of U.S. bonds weighed 4.0%, and the golden shocks of gold fell, and finally closed down 1.11%. In the early morning of this Thursday, the latest issue of the Federal Reserve ’s interest rate resolution will be announced.

Spot gold xauusd 1 hour map




Technical analysis:

Looking at the 1 -hour chart, the price of gold continues to increase the callback after the 1670 line is blocked, and the support of 1655 is fell below 1655. At present, the support has been transformed into resistance. At the end of the day, it is mainly at 1655, and the target below is 1630-1620.

Resistance level: 1655.00 1670.00

Support bit: 1630.00 1620.00

Trading strategy: Bullies above 1655.00, target 1670.00 1680.00
Extracting strategy: Watch the decline under 1655.00, target 1640.00 1622.00

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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