Gold: Bearish below 1722

A brief analysis of the fundamentals:

On Thursday (July 14), the CPI data continued to ferment. Under the influence of the Fed's aggressive interest rate hikes and economic recession expectations, the "dollar smile theory" is continuing to play a role, that is, in a period of strong growth and economic slowdown, holding dollars will benefit. The US index rose to the 109 mark, continuing to hit a new high in 20 years. Spot gold once fell below the $1,700 mark, falling nearly $40 from the daily high, and finally closed down 1.49%.

Spot gold XAUUSD 1 hour chart

A brief technical analysis:

Looking at the 1-hour chart, the price of gold once again broke the consolidation range of 1710-1750, and even broke below 1700 during the session. At the same time, the MACD continued to be in a heavy volume form below the zero axis, showing that the bears are still strong, and the current resistance level moved down 1722, at this level Continue to be bearish below, target 1690-1670 below

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