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Gold: Waiting for a breakout direction

2023-04-30
1164
Fundamental analysis:

On Friday (April 28), the U.S. Bureau of Economic Analysis said that, as measured by the PCE price index, the U.S. inflation rate in March fell to 4.2% from 5.1% in February. rebounded, but it is still difficult to achieve a substantial increase, and the market generally has a strong wait-and-see sentiment before the Fed's monetary policy. Looking ahead, this week is a week full of opportunities after major risk events such as non-farm payrolls and FOMC interest rate resolutions are announced.

Spot gold XAUUSD four-hour chart



Brief technical analysis:

Looking at the 4-hour chart, gold continues to maintain the wide-ranging pattern of 1970-2012, and the MACD volume can shrink near the zero axis. Looking at 1950-1920, it is mainly selling high and buying low within the range.

Resistance level: 2012 2030

Support level: 1970 1950

Trading strategy: Bullish above 1970, target 2012 2030
Alternative strategy: bearish below 1970, target 1950 1930

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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