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Gold: within a narrow range

Fundamental analysis:

On Thursday (August 24), as the market trading sentiment became cautious before Powell's speech, spot gold fluctuated flat, still hovering near a two-week high, and finally closed up 0.13%. Looking ahead, combined with the recent remarks of Fed officials, the bank's internal disagreement on the outlook for interest rate policy is very serious. Powell may not release clear guidance at the upcoming global central bank annual meeting, and the trend of gold prices remains unclear.

Spot gold XAUUSD 4 hours

Brief technical analysis:

Looking at the 4-hour chart, gold remains above the 1910 mark, the MACD volume can increase on the zero axis, and the short-term trend is still bullish. The support focuses on around 1910, and the resistance focuses on the upper 1930-1940.

Resistance level: 1930 1940

Support level: 1910 1900

Trading strategy: bullish above 1910, target 1930 1940
Alternative strategy: bearish below 1910, target 1900 1895

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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