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Gold: Support is located on 1700
2022-10-06
1531
Fundamental analysis:
On Wednesday (October 5), the number of people in the "small non -farm" in the United States in September increased by 208,000, which was slightly better than the expected 200,000 people. At the same time, the possibility of continuous interest rate hikes of the Federal Reserve has also increased. The US index rose nearly 1%and returned above 111. The spot gold was under pressure to force the 1700 mark at one time, and finally closed down 0.56%.
Spot gold xauusd 4 -hour chart
Technical analysis:
Looking at the 4 -hour chart, the price of the gold price fell, but after the return to the 1700 mark, the support appeared again. The MACD was still in the amount above the zero axis, showing that the bulls trend was still strong. At present, the support is mainly concentrated on the 1700 line. The top above this is mainly to look at the bullish, the target above is 1730-1750.
Resistance level: 1730.00 1750.00
Support bit: 1703.00 1675.00
Trading strategy: Bullies above 1700.00, target 1730.00 1750.00
Qualification Strategy: Watch the fall under 1700.00, target 1675.00 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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