Gold: resistance moved down 1970

On Thursday (May 18), as the U.S. released more strong economic data further weakened market bets that the Fed may hold off on interest rate hikes, while Fed officials continued to put "hawk", the U.S. Congress also made progress in the negotiations to raise the debt ceiling, spot gold extended its decline, hitting a new low in a month and a half, plunging more than 30 dollars from the daily high. 30 U.S. dollars, and finally closed down 1.22%. Looking ahead, gold faces downside risks as the market is gradually reducing bets on aggressive easing due to better-than-expected economic performance.

Spot gold XAUUSD four-hour chart

4 hours chart, gold decline into acceleration, MACD volume under the zero axis discharge, the market trend continues down, the current resistance moved down to 1970 near, under the level continue to bearish 1940-1920 near.

Resistance level:1970 1990

Support level:1940 1920

Trading strategy: 1970 bearish below, the target 1940 1920

Alternative strategy: 1970 bullish above, target 1990 2010