Gold: resistance down 1760

A brief analysis of the fundamentals:

On Thursday (August 18), many Fed officials continued to put eagles on the line. "Eagle King" Bullard said that he is still inclined to raise interest rates by 75 basis points in September, and believes that the U.S. economy has not yet passed the peak of the inflation surge. In the severe stage, while the number of initial jobless claims in the United States fell for the first time in three weeks, the US index broke the 107 mark, and spot gold rose and fell after being blocked at $1,772, breaking below the $1,760 mark, closing down 0.18%.

Spot gold XAUUSD 1 hour chart

A brief technical analysis:

From the 1-hour chart, the gold price rebounded at 1770 and was blocked and continued the downward trend. At present, it broke below 1760, and the resistance turned into support again. At the same time, the MACD showed a continuous heavy volume state below the zero axis, indicating that the market may continue to decline, with resistance at $1770 and $1860. The bottom supports $1,755 and $1,738. The strategy is to go short on rallies, supplemented by lows.

                                                          

Long and short turning point: 1770.00

Resistance: 1770.00 1780.00

Support level: 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