Gold: Bearish below 1835

A brief analysis of the fundamentals:

On Tuesday (June 21), Fed voter Barkin mentioned in his speech that raising interest rates by 50 or 75 basis points in July is reasonable, especially raising interest rates by 75 basis points to deal with recent inflation. Investors began to price the FOMC meeting in July. At the same time, with the fall in oil prices, inflation concerns were eased, market risk sentiment recovered, and safe-haven assets were sold off. Spot gold fluctuated and fell during the session, and finally closed down 0.29% at the close. $1833/oz. During the day, the focus will be on Powell's testimony statement that will start at 21:30. If expectations for a 75 basis point hike in interest rates continue to be strengthened, gold will also face a new round of selling

Spot gold XAUUSD 1 hour chart

A brief technical analysis:

From the 1-hour chart, the price of gold has fallen below the triangle finishing range, and the trend has returned to the downside. At the same time, the MACD column is in a heavy volume form below the zero axis, indicating that the price has a further risk of falling back. In the day, 1835 is the dividing point for long and short positions. Below 1835, it is mainly bearish, and the target is 1820-1805. After breaking the position, it will be lower.

Long-short turning point: 1835

Resistance: 1850.00 1865.00

Support level: 1820.00 1805.00

Trading strategy: bearish below 1835.00, target 1820.00 1805.00

Alternative strategy: bullish above 1835.00, target 1850.00 1865.00