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Gold: Bearish below 1830
2022-06-29
1719
A brief analysis of the fundamentals:
On Tuesday (June 28), FOMC permanent vote committee, New York Fed President Williams said that recession is not his basic expectation. The long-term neutral interest rate in the United States is still very low, which supports the Federal Reserve to continue to raise interest rates significantly this year and next year. This year, the interest rate will definitely need to be raised to 3%-3.5%. The US index and US bond yields rebounded again, and spot gold rebounded to 1830. It ended down 0.16%. Tonight, officials from the central banks of the United Kingdom, the United States and the European Union gathered to speak out, and the price of gold may usher in more intense turmoil.
Spot gold XAUUSD 1 hour chart
A brief technical analysis:
Looking at the 1-hour chart, the price of gold rebounded from 1830 and then fell back after being blocked. It retraced to the 1820 mark to consolidate, showing an obvious downward trend channel. At the same time, MACD also began to increase volume below the zero axis, and it is expected that the market may further decline. Use 1830 as the long and short waterline during the day, continue to be bearish on the trend below 1830, and target around 1810-1800.
Long-short turning point: 1830
Resistance: 1830.00 1840.00
Support level: 1810.00 1800.00
Trading strategy: bearish below 1830.00, target 1810.00 1800.00
Alternative strategy: bullish above 1830.00, target 1840.00 1850.00
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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