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Gold: see a rebound above 1740
2022-08-24
1671
A brief analysis of the fundamentals:
On Tuesday (August 23), the U.S. Markit service and manufacturing PMIs both hit two-year lows in August. In addition, U.S. new home sales fell for the sixth time this year, the lowest growth rate since early 2016. Affected by the worsening economic data, the US dollar index rose and fell, and spot gold rebounded strongly, once rising above $1,750, and finally closed up 0.69%.
Spot gold XAUUSD 1 hour chart
A brief technical analysis:
From the 1-hour chart, the price of gold rebounded strongly and broke the key resistance of $1,740, forming a bottom pattern in the short-term. It can continue to be bullish above this level within days, and MACD began to increase volume above the zero axis, showing that the market has further upward momentum. Look for a rebound below 1740, the upper target is 1760-1780
Long and short turning point: 1740.00
Resistance: 1760.00 1780.00
Support level: 1740.00 1730.00
Trading strategy: bullish above 1740.00, target 1760.00 1780.00
Alternative strategy: bearish below 1740.00, target 1730.00 1720.00
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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