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Gold: low and wide oscillation

Fundamental Analysis.

Tuesday (May 23) due to the lack of progress in the new round of debt ceiling negotiations and data suggesting that the U.S. manufacturing sector is back in contraction, spot gold county long after falling, out of the V-shaped rebound, and finally closed up 0.29%. Looking ahead, as the uncertainty surrounding the U.S. debt ceiling discussions still exists, gold prices are still more volatile.

Spot gold XAUUSD four-hour chart

Technical analysis.

4 hours chart, gold rebound in 1955 near the test support again effective, MACD volume under the zero axis again shrinkage, the market into a wide range of oscillations, above the resistance concern near 1983, below the support concern near 1955.

Resistance: 1983 2000

Support level:1950 1932

Trading strategy: 1983 bearish below, target 1950 1930
Alternative strategy: 1983 up bullish, target 2000 2020   

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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