Gold: maintain 1655-1680 case

A brief analysis of the fundamentals:

After the Federal Reserve announced on Thursday (September 22) that it would raise interest rates by 75 basis points, central banks in Europe, Asia, Africa and Canada followed its pace to raise interest rates sharply, setting off a frenzy of interest rate hikes around the world. On the one hand, it also aggravated investors' concerns about economic recession. At the same time, changes in the international geopolitical situation also increased the safe-haven buying of gold. Spot gold continued to fluctuate widely under the interweaving of long and short positions. As the central bank's super week comes to an end, after countries are scrambling to raise interest rates, the current price is good news if there is no bad news for gold, and the price of gold is expected to come out of the bottom and rebound.

Spot gold XAUUSD 4-hour chart

A brief technical analysis:

Looking at the 4-hour chart, the gold price rebounded again to 1680, which was blocked and fell back. MACD continued to shrink below the zero axis, showing that the upside momentum was insufficient, and the trend entered anxiety again, continuing the 1655-1680 box range. Before it is broken, it is regarded as a shock operation, and the high altitude and low volume are mainly used.

Long and short turning point: 1680.00

Resistance: 1680.00 1700.00

Support level: 1645.00 1620.00

Trading strategy: Bearish below 1680.00, target 1645.00 1620.00

Alternative strategy: bullish above 1680.00, target 1700.00 1720.00