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Gold: Undear under 1820

2023-02-26
1285
Fundamental analysis:

The latest data announced on Friday (February 24) shows that the US Core PCE price index rose 4.7%year -on -year in January, higher than the expected 4.3%and 4.4%previous value. Under the background of the US non -agricultural employment, consumer price index, retail sales, and producer price index, the Fed's most popular core PCE inflation indicator also risen unexpectedly, causing a large market response. The US index rose 0.65% , Spot gold closed down 0.66%. Looking forward to the market outlook, the road to interest rate hikes in the Fed may not end. Before more economic data proves that the US economy has slowed and inflation falls, the yield of US dollars and US debt will remain strong, and the gold price background will continue to face significant downward pressure.

Spot gold xauusd 4 -hour chart




Technical analysis:

Looking at the 4-hour chart, after the price of gold fell below 1820, it continued to expand the decline. MACD continued to make a state of volume under the zero axis. Look at near 1800-1780.


Resistance level: 1820.00 1830.00

Support bit: 1800.00 1780.00

Trading strategy: Bullish under 1820.00, target 1830.00 1847.00
Qualification Strategy: Watching above 1820.00, target 1800.00 1780.00

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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