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Gold: Support Upper 1900

2023-01-15
710
Fundamental analysis:

On Friday (January 13), the initial value of the consumer confidence index announced by the University of Xiegen rose to 64.6, a new high since April 2022, which was higher than 59.7 last December. Earlier, the U.S. CPI index accidentally declined, boosting the betting of the Fed's interest rate hikes, and consumer confidence improved, which boosted the market's expected space for the Fed's continued slow interest rate hikes. Spot gold closed up by 1.3%again, rising over $ 20 within the day. The US dollar's softness makes it cheaper for buyers holding other currencies for other currencies. As the inflation falls, the US finger has begun to adjust continuously, and the price of gold is expected to continue the upward trend.


Spot gold xauusd 4 -hour chart



Technical analysis:

Looking at the 4 -hour chart, the price of gold has accelerated after breaking through 1886, which once touched above 1920. At the same time, the amount of MACD can be increased on the zero axis. The show that the market is expected to continue to strengthen. The support has been moved up to 1900, and it will continue to look up on the day of the day. The target is near 1930-1950.

Resistance level: 1930.00 1950.00

Support bit: 1900.00 1880.00

Trading strategy: Barrow on 1900.00, target 1930.00 1950.00
Alternative strategy: Watch the fall under 1900.00, target 1880.00 1870.00

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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