Gold: oscillating around 2000 points

Fundamental Analysis.

The dollar retreated from its highs on Monday (May 15) as investors remained wary of the U.S. debt ceiling impasse. In addition to this, concerns about a global economic slowdown further favored safe-haven gold, but hawkish expectations for the Federal Reserve limited gold's gains, with spot gold eventually closing up a modest 0.28%. Looking ahead, Biden said he expects to meet with congressional leaders on Tuesday to discuss plans to raise the debt ceiling and avoid a catastrophic default, which will have a more critical impact on the market.

Spot gold XAUUSD four-hour chart

Technical analysis.

4-hour chart, gold maintained near the 2000 mark giant shock, MACD volume under the zero axis shrinkage, the market into a narrow range of consolidation, focusing on the 2000 point of support, the level above the rebound 2030-2050 near, below the level then look down near 1980-1970.

Resistance: 2030 2050

Support level: 2000 1980

Trading strategy: 2000 bullish above, target 2030 2050   

Alternative strategy: 2000 below bearish, target 1980 1970