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Gold: see a rebound above 1706
2022-09-08
1372
A brief analysis of the fundamentals:
On Wednesday (September 7), the Federal Reserve’s Beige Book on the Economic Situation showed that high prices and a tight labor market put pressure on the U.S. economic outlook for next year, and the outlook for future economic growth was generally weak. Affected by this, market recession fears rose and the U.S. index fell. Below the 110 mark, spot gold rebounded sharply, approaching $1,720, and finally closed up 1.01%.
Spot gold XAUUSD 1 hour chart
A brief technical analysis:
Looking at the 1-hour chart, the price of gold found support near 1690 and started a strong rebound. MACD was strong above the zero axis, indicating that the trend began to re-enter the bulls. After breaking the key resistance, the current support has moved up to around 1706, while the top 1727 is the front. High point resistance, see the rebound above 1706 in the day, break above 1727 is expected to open up space to see above 1740
Long and short turning point: 1706.00
Resistance: 1727.00 1740.00
Support level: 1706.00 1688.00
Trading strategy: bullish above 1706.00, target 1727.00 1740.00
Alternative strategy: bearish below 1706.00, target 1680.00 1660.00
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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