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Gold: Look at the rebound above 1617

2022-11-04
239
Fundamental analysis:

On Thursday (November 3rd) Powell's eagle speech continued, and the US dollar rose through the 113 mark. For the first time in the past two weeks, it closed up 0.785%. The US Treasury yields further increased, and the two -year beauty with more sensitive interest rate prospects was The debt yield closed up 4.71%, the spot gold fell first and then rose, and eventually closed down by 0.19%. The non -agricultural employment data that is about to be announced is the main focus of the day. Considering that the earlier ADP employment data goes well, if the non -agricultural performance is strong, it will suppress the gold price again.

Spot gold xauusd 4 -hour chart


Technical analysis:

Looking at the 4 -hour chart, the price of gold fell to near 1617 and then rebounded sharply. It once again showed that the support was strong. At the same time, the MACD began to shrink under the zero axis, indicating that the bulls were signs of strong energy. The target above 1640-1660.

Resistance level: 1640.00 1660.00

Support bit: 1625.00 1617.00

Trading strategy: Bullies above 1617.00, target 1640.00 1660.00
Extracting strategy: Watch the fall under 1617.00, target 1605.00 1590.00

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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