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Gold: trending downward

Fundamental Analysis.

Tuesday (May 16) U.S. economic data better and a number of hawkish comments from Federal Reserve officials made investors bet on the possible postponement of interest rate cuts, while debt ceiling negotiations are expected to reach consensus, the U.S. index, U.S. bond yields both higher, spot gold fell below the $2,000 mark, closing down 0.80%, looking ahead to the market, debt negotiations are still the focus of attention, the current probability of reaching the debt ceiling is extremely high, so Gold prices continue to be under pressure probability is also on the high side.

Spot gold XAUUSD four-hour chart

Technical analysis.

4 hours chart, gold fell below the 2000 mark, MACD volume under the zero axis discharge, the market trend turned weak, under the level continue to bearish near 1970-1950.

Resistance level:2000 2020

Support level:1970 1950

Trading strategy: 2000 below bearish, target 1970 1950
Alternative strategy: 2000 bullish above, target 2030 2050   

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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