CM Trade

Download APP to receive bonus

GET

Gold: Support Upper 1845

2023-03-05
1234
Fundamental analysis:

According to data on Friday (March 3), the US Supply Management Association (ISM) showed that the United States was recorded at 55.1 in February ISM non -manufacturing PMI in February, slightly lower than the previous value of 55.2, but higher than expected 54.5. After the data was announced, the US dollar index fell slightly and fell, and the price of gold rose sharply by nearly $ 20. Looking forward to the market outlook, as the market gradually digested the strong data from the United States and fully priced the Fed's interest rate expectations. For example, the non -agricultural employment report announced on Friday was significantly lower than the previous value or less than expected, which will help further confirm the fundamental improvement of gold prices.

Spot gold xauusd 4 -hour chart


Technical analysis:

Looking at the 4-hour chart, the price of gold continues to break the 1850 mark. The MACD is in a uniform volume state above the zero axis. If you fall below 1845, look around 1830-1820.


Resistance level: 1860.00 1870.00

Support bit: 1820.00 1805.00

Trading strategy: Bullies above 1845.00, target 1850.00, 1860.00
Extracting strategy: Watch the decline under 1845.00, target 1830.00, 1820.00

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.

Free Access
Daily Trading Strategy
Download Now

CM Trade Mobile Application

Economics Calendar

More