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Gold: Support Upper 1935

2023-01-26
1319
Fundamental analysis:

On Wednesday (January 25), the Bank of Canada, known as the "Most Eagle -developed National Central Bank", made a clear statement that it would suspend interest rate hikes after raising interest rates last night, becoming the first G7 central bank to announce the suspension of interest rate hikes. Because the Bank of Canada has taken the lead in tightening the monetary policy, and now it is the first to announce the suspension. The market participants believe that the Fed may follow the imitation. Over the month, a new high, closing up 0.47%.

Spot gold xauusd 4 -hour chart


Technical analysis:

Looking at the 4 -hour chart, the price of gold continues to strengthen in the 1920, and the amount of MACD can be uniformly released on the zero axis. The show that there is still room for further higher the market. The current support is near 1935. Near 1950-1970.

Resistance level: 1950.00 1970.00

Support bit: 1935.00 1920.00

Trading strategy: Bullies above 1935.00, target 1950.00 1970.00
Qualification Strategy: Watch the decline under 1935.00, target 1920.00 1910.00

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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