Gold: 1835 is a watershed for long and short

A brief analysis of the fundamentals:

On Friday (June 24), spot gold remained in a narrow range, causing the current price of gold to consolidate, mainly because the lack of urgency in the market made investors generally wait and see. First of all, the sudden drop in inflation indicators and the IMF, Federal Reserve officials, and Goldman Sachs all eased fears of economic recession, weakening the safe-haven value of gold, but uncertainty and market volatility will still be the main features of the current financial market. is a buying opportunity.

Spot gold XAUUSD 1 hour chart

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A brief technical analysis:

From the 1-hour chart, the gold price rebounded slightly after gaining support at the 1820 line, but it was still blocked by the 1835 resistance, and the overall fluctuation was still in a wide range. At the same time, the volume of the MACD indicator below the zero axis could be shortened, indicating that the market may have a certain rebound. repair. Continue to use 1835 as the watershed for long and short in the day, bearish below 1835, below 1815-1800, above 1835 to be bullish, target 1845-1860

Long-short turning point: 1835

Resistance: 1835.00 1845.00

Support level: 1815.00 1800.00

Trading strategy: bearish below 1835.00, target 1815.00 1800.00

Alternative strategy: bullish above 1835.00, target 1845.00 1860.00