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Gold: Wide -sorting

Basic face analysis:

On Thursday (April 27), the growth rate of GDP in the first quarter of the United States was far less than expected, but in the first quarter, the core PCE price index was higher than expected. It is confirmed that the spot gold has fallen high after the data is announced, and continues to maintain a wide shock. Looking forward to the market outlook, the overall correlation between the US dollar and the gold price of gold. If the market returns to normal, the weak material of the US dollar will stimulate the price of gold.

Spot Gold XAUSD four -hour chart

Technical analysis:

Looking at the 4-hour chart, gold continues to maintain a wide-scale collation of 1970-2012. The amount of MACD can shrink near the zero axis. The market needs to be selected in the direction. Look at the 1950-1920, mainly in the interval.

Resistance position: 2012 2030

Support bit: 1970 1950

Trading strategy: Bull above 1970, target 2012 2030
Alternative strategy: Below the drop 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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