Gold: Resistance 1770, 1780

A brief analysis of the fundamentals:

On Wednesday (August 17), the monthly rate of U.S. retail sales in July hit a 2-month low, and the Fed’s interest rate hike expectations fell slightly, but the minutes of the Fed’s meeting were “hide eagles among pigeons”. The clue to the basis point, the "eagle" is that Fed officials support continued interest rate hikes. Affected by this, the yield of 10-year U.S. Treasury bonds climbed back above 2.9%, and spot gold rose to a daily high of $1,782.16 and then plummeted by about $23. It once fell below the 1,760 mark, and finally closed down 0.78%.

Spot gold XAUUSD 4-hour chart

A brief technical analysis:

From the 4-hour chart, the price of gold has broken below the 1770 support. At present, the strong support has turned into resistance. At the same time, the MACD shows a continuous heavy volume state below the zero axis, indicating that the market may continue to decline. The resistance is $1770 and $1880, and the bottom support is $1755, At $1738, the strategy is mainly to short on rallies, supplemented by lows

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Long and short turning point: 1770.00

Resistance: 1770.00 1780.00

Support: 1755.00 1738.00

Trading strategy: bearish below 1770.00, target 1755.00 1738.00

Alternative strategy: bullish above 1770.00, target 1780.00 1800.00