Gold: support moves up to 1920

Brief analysis of fundamentals:

On Monday (January 23), the Federal Reserve’s FOMC interest rate decision is approaching. The futures market is almost 100% betting that the rate hike will continue to slow down to 25 basis points, and the peak interest rate expected to reach this year has been lowered to the range of 4.75%-5%. The "Fed megaphone" Nick Timiraos also said that in addition to slowing down interest rate hikes, the Fed may discuss the details of stopping interest rate hikes next week. Affected by this, U.S. bond yields rose, and the long-term bond yields rose even more. The 10-year U.S. bond yield once rose to 3.55%. Spot gold once fell below $1,920, and then covered the decline, and finally closed up slightly by 0.27% %.

Spot gold XAUUSD 4-hour chart

Brief technical analysis:

Looking at the 4-hour chart, the price of gold continues to strengthen above 1915, and the MACD volume can be released evenly above the zero axis, showing that the market still has room to go higher. The current support focuses on around 1920, and continues to be bullish above 1920. The target is 1940 - around 1950.

Resistance level: 1940.00 1940.00

Support level: 1920.00 1900.00

Trading strategy: Bullish above 1920.00, target 1930.00 1950.00

Alternative strategy: bearish below 1920.00, target 1900.00 1890.00