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Gold: low and wide oscillation
2023-05-24
991
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
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