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Gold: Relay up

Fundamental analysis:

The latest series of U.S. economic data released on Tuesday (August 29) fell short of expectations. The market’s bets on the Federal Reserve’s suspension of interest rate hikes in September increased. At the same time, bets on the possibility of resuming interest rate hikes in November decreased. The U.S. dollar index plunged, U.S. debt Yields fell across the board to a new two-week low, and spot gold rose more than $20 from intraday lows to close up 0.9%.

Spot gold XAUUSD 4 hours

Brief technical analysis:

Looking at the 4-hour chart, gold gained support near the callback 1914 and continued to rise to break through the 1930 mark. The MACD volume can increase on the zero axis, and the short-term trend is still bullish.

Resistance level: 1945 1960

Support: 1926 1914

Trading strategy: bullish above 1926, target 1945 1960
Alternative strategy: bearish below 1926, target 1914 1900

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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