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Gold: see rebound above 1700

A brief analysis of the fundamentals:

On Friday (September 2), the United States announced on Friday that non-farm payrolls in August were 315,000, slightly higher than the expected 300,000, but the unemployment rate unexpectedly rose to 3.7%. Affected by the data, the U.S. dollar index fluctuated and declined during the session, and spot gold rebounded to an intraday high of $1,715 per ounce. At a time when the Fed is taking inflation control as its priority, a slight increase in the unemployment rate will not interrupt the Fed's continued path of substantial interest rate hikes. Or it means that the decline in the price of gold may be difficult to change.

Spot Gold XAUUSD 1 Hour Chart

A brief technical analysis:

From the 1-hour chart, the price of gold bottomed out at $1,690 and then strengthened again to above $1,700. MACD began to increase volume above the zero axis, showing that the trend has changed from weak to strong. The strong resistance of 1700 has turned into support, and continued above 1700 within days. Look for a rebound 1720-1740.

Long and short turning point: 1700.00

Resistance: 1720.00 1740.00

Support level: 1700.00 1690.00

Trading strategy: bearish below 1700.00, target 1690.00   1660.00  

Alternative strategy: bullish above 1700.00, target 1720.00 1740.00

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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