Gold: Resistance Follow 1885

Fundamental analysis:

Powell's speech on Tuesday (February 7) made the market shock. After he mentioned that the inflation fall process had begun, the US dollar index continued to fall, and he once went down to 103. Then he said that the process of inflation and falling was only in the beginning. The index recovered part of the loss, but it still closed down slightly. The spot gold maintained a consolidation, and finally closed up 0.22%. Looking forward to the market outlook, the biggest focus of the market is the prospect of the Federal Reserve's monetary policy. On the one hand, the strong economic data indicates that the possibility of soft landing in the US economy still exist, but at the same time, it will also trigger the Fed internally. Establish an important impact.

Spot gold xauusd 4 -hour chart

Technical analysis:

Looking at the 4 -hour chart, after the gold price rebounds 1885, confirm the resistance again, and at the same time fall to the low point 1860 to form support. The short -term market has entered the adjustment.

Resistance level: 1885.00 1900.00

Support bit: 1860.00 1840.00

Trading strategy: Watch the fall under 1885.00, target 1860.00 1840.00

Alternative strategy: Bullies above 1885.00, target 1900.00 1920.00