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Gold: resistance moved down 1955

Fundamental Analysis.

Spot gold fell to its lowest point since March 22 on Thursday (May 25), eventually closing down 0.83% as significant progress in negotiations around the U.S. debt ceiling reduced safe-haven demand for gold, while U.S. initial jobless claims data continued to rise, pushing up market bets on another Federal Reserve rate hike.

Spot gold XAUUSD four-hour chart

Technical analysis.

4 hours chart, gold fell below 1955 support after the decline continued to expand, MACD volume under the zero axis continues to discharge, the market continues to be weak, the current 1955 has been transformed into short-term resistance, the day under the level to see 1935-1920 near.

Resistance level:1955 1983

Support level:1955 1935

Trading strategy: 1955 below bearish, target 1935 1920
Alternative strategy: 1955 bullish above, target 1970 1985   

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