Gold: see a rebound above 1640

A brief analysis of the fundamentals:

On Wednesday (September 28), the Bank of England announced "unlimited" bond purchases to save the market. The pound bottomed out and market sentiment improved. The US index gave up all its gains and fell to the 113 mark. Spot gold started a rebound, which was once lower than the day. Up nearly $50. After gold fell sharply in a row, the fall of the US index created a rebound window for it, which coincided with the silent period of the Fed's policy, and the price of gold is expected to continue to rebound and repair the market.

Spot gold XAUUSD 4-hour chart

A brief technical analysis:

Looking at the 4-hour chart, the gold price found support at 1620 and started to rebound. After breaking through the 1640 resistance, a short-term bottom has been formed. MACD began to shrink below the zero axis and is about to cross the zero axis, indicating that the market continues to rebound and demand within days. Bullish above 1640, target 1670-1690.

                                                          

Long and short turning point: 1640.00

Resistance: 1670.00 1690.00

Support level: 1620.00 1600.00

Trading strategy: bullish above 1640.00, target 1670.00 1690.00

Alternative strategy: bearish below 1640.00, target 1620.00 1600.00