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Gold: Watch the decline under 1830

2023-03-08
1111
Fundamental analysis:

On Wednesday (March 8) Powell Senate's testimony to release the eagle, saying that if necessary, the Fed is preparing to accelerate the pace of interest rate hikes, and the terminal interest rate may be higher than expected. As of now, the probability of the Fed ’s interest rate hike in March has soared to 70%. Powell Eagle spokes out of the market. The spot gold fell sharply, lost $ 1,820, and hit a new low since February 28, closing 1.8%. Looking forward to the market outlook, the dynamics of monetary policy continued to facilitate the US dollar, and gold was afraid of being hit by a new round of short.

Spot gold xauusd 4 -hour chart




Technical analysis:

Looking at the 4-hour chart, the price of gold fell below the 1830 low point to form a acceleration. MACD was in a capacity state under the zero axis, and the strong support of 1830 was converted into a strong resistance.

Resistance level: 1830.00 1845.00

Support bit: 1800.00 1780.00

Trading strategy: Bullies above 1830.00, target 1845.00, 1860.00
Qualification Strategy: Watch the decline under 1830.00, 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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