Gold: bearish trend below 1722

A brief analysis of the fundamentals:

On Friday (July 15) Federal Reserve officials tried to cool down expectations of a 100 basis point rate hike, but the dollar's upside remains unstoppable, regardless of whether the Fed will aggressively raise rates by 100 basis points at a time, or whether central banks such as the European Central Bank will implement it Stronger interest rate hikes, the dollar's rise may have entered a self-reinforcing stage, while gold prices continue to be under pressure and consolidate around 1700. As interest rates continue to rise, the non-yielding asset gold may remain subdued

Spot gold XAUUSD 1 hour chart

A brief technical analysis:

From the 1-hour chart, the price of gold once again fell below the 1722 support at the lower edge of the consolidation range, and is currently consolidating below 1700. At the same time, the MACD continues to be in a heavy volume form below the zero axis, showing that the bears are still strong and continue to be bearish below 1722 within days. Target below 1690-1670

Long and short turning point: 1722.00

Resistance: 1722.00 1750.00

Support level: 1700.00 1670.00

Trading strategy: bearish below 1722.00, target 1690.00 1670.00

Alternative strategy: bullish above 1722.00, target 1750.00 1780.00