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Gold: Support Focus 1920

2023-01-29
1263
Fundamental analysis:

On Friday (January 27), the US Core PCE price index annual rate was recorded 4.4%, the minimum increase since October 2021, consistent with the expected 4.40%, and continued to fall from 4.70%from the previous value. After the data was announced, the short -term fluctuations in spot gold fluctuated. The PCE, which continues to cool down, will promote the expectations of the Fed's continued slow interest rate hikes. Consolidating the market's betting on the 25th basis points in February, which may apply downward pressure on the already weak dollar, which is expected to form further benefits. Zhou's focus focus on FOMC and the European Central Bank policy conference.

Spot gold xauusd 4 -hour chart




Technical analysis:

Looking at the 4-hour chart, the price of gold is maintained above 1920, and the amount of MACD can shrink on the zero axis significantly, showing the market or entering the adjustment of the adjustment choice. At present, it focuses on supporting support near 1920. Looking below 1920 to see near 1900.

Resistance level: 1940.00 1950.00

Support bit: 1920.00 1900.00

Trading strategy: Bullies above 1920.00, target 1950.00 1970.00
Qualification Strategy: Watch the fall under 1920.00, target 1900.00 1880.00

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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