Gold: low level shocks

Fundamental Analysis.

Friday (May 26) the market continued to increase bets that the Fed will continue to raise interest rates, after PCE data showed that U.S. inflation rose faster than expected last month, the current market expects the Fed to raise interest rates at the June meeting with a probability of about 60% of 25 basis points, spot gold once again shot up and down, closing up slightly by 0.28%. Looking ahead, the current gold prices are still weak, the main hope on the U.S. non-farm payrolls this week.

Spot gold XAUUSD four-hour chart

Technical analysis.

4 hours chart, gold in 1940 near the support stabilization, while the above 1957 for the main pressure, MACD volume in the zero axis below the volume of flat, the market into a wide range of finishing, in the range to high short low.

Resistance level:1957 1970

Support level:1940 1920

Trading strategy: 1957 below bearish, target 1935 1920

Alternative strategy: bullish above 1957, target 1970 1985