Gold: Bearish below 1767

A brief analysis of the fundamentals:

On Tuesday (August 2), a number of Fed officials said that the fight against inflation is not over, the Fed's aggressive interest rate hikes have not stopped, and the hawkish remarks of a group of officials have reduced the market's bets on the Fed's interest rate cut next year, and U.S. bond yields The whole line rose, the U.S. dollar index soared and recovered the 106 mark. Spot gold rose and fell below $1,760, and finally closed down 0.62%. The current fundamentals of gold are closely related to the prospect of the Fed raising interest rates, and a weaker dollar is directly positive for gold prices, and vice versa.

Spot gold XAUUSD 1 hour chart

A brief technical analysis:

From the 1-hour chart, the price of gold rose and fell below the support of 1767. The current support has turned into resistance. The short-term trend is expected to form a tug-of-war around this level. Bearish, target below 1750-1736

                                                          

Long and short turning point: 1767.00

Resistance: 1767.00 17850.00

Support level: 1750.00 1736.00

Trading strategy: bullish above 1767.00, target 1785.00 1800.00

Alternative strategy: bearish below 1767.00, target 1750.00 1740.00