Gold: Resistance down 1744.50

A brief analysis of the fundamentals:

Before the Jackson Hole central bank annual meeting on Monday (August 22), the market's bets on the Fed's hawkishness reached an unprecedented high, according to CME "Fed Watch": The probability of the Fed raising interest rates by 50 basis points by September At 45%, the probability of a 75 basis point hike is 55%. The euro continued to hit a new low since 2002, the US index achieved four consecutive positives, rising above the 109 mark at one point, and spot gold fell sharply, and finally closed down 0.61% by then, which was the sixth consecutive day of negative. Powell's speech will be the focus of attention at the three-day annual meeting of global central banks in Jackson Hole this Friday.

Spot gold XAUUSD 1 hour chart

A brief technical analysis:

From the 1-hour chart, the price of gold has fallen below the support one after another, and the trend is in a good downward trend. The current resistance has moved down to 1744.50. The MACD maintains a large short-selling energy below the zero axis, indicating that the market may continue to decline, and it will continue below 1744.50 within days. Bearish mainly, the target below 1730-1720

                                                          

Long and short turning point: 1744.50

Resistance: 1744.50 1760.00

Support level: 1730.00 1720.00

Trading strategy: bearish below 1744.50, target 1730.00 1720.00

Alternative strategy: bullish above 1744.50, target 1760.00 1780.00