Gold: Look at the decline under 1700

Fundamental analysis:

On Friday (October 7), the United States was unlimited in September non -agricultural data. The market bet on the Federal Reserve to continue to raise interest rates at 75 base points in November. Fed officials supported "suppressing inflation as the first priority." It once rose 112.90 and hit a new high of more than a week; the 10 -year US debt yield rose, and the non -agricultural announcement quickly rose by 3.90%; the spot gold fell sharply nearly 1690 US dollars, and finally closed down 0.95%.

Spot gold xauusd 4 -hour chart

Technical analysis:

Looking at the 4-hour chart, the price of gold fell below 1700 support after the appearance of 1725, and MACD also began to shrink sharply at the zero axis, showing that the market may have further lower space. Essence

                                                          

Multi -time turning point: 1700.00

Resistance level: 1730.00 1750.00

Support bit: 1680.00 1660.00

Trading strategy: Bullies above 1700.00, target 1730.00 1750.00

Qualification Strategy: Watch the fall under 1700.00, target 1680.00 1660.00