Gold: low level shocks

Fundamental Analysis.

Gold prices came under pressure on Monday (May 29) as the U.S. White House and congressional leaders finalized a deal on a debt ceiling lift, coupled with concerns around potentially high long-term interest rates, while spot gold oscillated in a range of less than $10 due to low holiday liquidity, eventually closing down a modest 0.01%. Looking ahead, the relief from the debt ceiling deal may only be short-lived for investors and there is little risk of further declines as long as gold prices remain above $1,900.

Spot gold XAUUSD four-hour chart

Brief technical analysis.

4 hours chart, gold in 1940 attached to get a brief support, while 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