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Gold: Resistance moves down 1707

A brief analysis of the fundamentals:

On Wednesday (September 14), as the CPI data showed rising inflation, the price pressure in the United States has not eased, and further interest rate hikes are needed. The basis point probability also rose to 35%. Expectations for interest rate hikes are reflected in the yields of U.S. Treasury bonds. The yield on 10-year U.S. Treasuries climbed to 3.476%, the U.S. dollar index also remained at the 110 mark, and spot gold fell below the $1,700 mark, eventually closing down 0.27%.

Spot gold XAUUSD 4-hour chart

A brief technical analysis:

From the 4-hour chart, the price of gold continued its downward trend after a slight rest, breaking below the $1,700 mark, and MACD continued to increase volume below the zero axis, showing that the trend continued to decline. Maintain bearish, target below 1688-1675

Long and short turning point: 1707.00

Resistance: 1707.00 1720.00

Support level: 1688.00 1675.00

Trading strategy: bearish below 1707.00, target 1688.00   1675.00  
Alternative strategy: bullish above 1707.00, target 1720.00 1735.00

The above information is provided by special analysts and is for reference only. CM Trade does not guarantee the accuracy, timeliness and completeness of the information content, so you should not place too much reliance on the information provided. CM Trade is not a company that provides financial advice, and only provides services of the nature of execution of orders. Readers are advised to seek relevant investment advice on their own. Please see our full disclaimer.

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