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Gold: support moved up 2020

Fundamental Analysis.

Tuesday (May 9) as investors seek safe-haven at a time of economic uncertainty, as well as the debt default problem remains unresolved, the market is waiting for the release of U.S. CPI data, spot gold rose to 2030 above, and finally closed up 0.67%. Looking ahead, the focus will be on the release of the U.S. CPI data for April, the performance of this data or direct impact on the Federal Reserve's policy preferences for June, which will have a huge impact on financial markets, gold is again a new record high or stage top, is about to see.

Spot gold XAUUSD four-hour chart

Brief technical analysis.

4 hours chart, gold continued to rally above 2010, support is now further up to near 2020, while MACD on the zero axis began a mild release, is expected to continue the upward trend, bullish in the day above 2020, the target 2050-2070 near.

Resistance:2040 2060

Support level:2013 2000

Trading strategy: 2020 bullish above, target 2050 2070   
Alternative strategy: 2020 bearish below, target 2000 1980

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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