Gold: Relay up
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
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