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Gold: Popularity

Basic face analysis:

On Wednesday (May 3), the Fed raised 25 basis points to 5%-5.25%as scheduled. It was the 10th rate hikes since March last year. The interest rate reached the highest level since August 2007, but at the same time In interest, after the announcement of the decision, the US debt yields fell, and the spot gold once reached a record high, and eventually increased sharply by 1.14%. Looking forward to the market outlook, as the end of the interest rate hike cycle is getting closer, the major environment is conducive to the continued higher price of gold.

Spot Gold XAUSD four -hour chart

Technical analysis:

Looking at the 4 -hour chart, gold has further risen above the support of 2012, and once rose to near 2080. The MACD volume could be significantly measured above the zero axis. The market continued to be strong. Continue to look up, the above target 2060-2080.

Resistance position: 2060 2080

Support bit: 2032 2018

Trading strategy: Bull above 2032, target 2060 2080
Essential strategy: Below 2032, target 2018 2005

The above information is provided by special analysts and is for reference only. CM Trade does not guarantee the accuracy, timeliness and completeness of the information content, so you should not place too much reliance on the information provided. CM Trade is not a company that provides financial advice, and only provides services of the nature of execution of orders. Readers are advised to seek relevant investment advice on their own. Please see our full disclaimer.

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