Gold: Bearish below 1835

A brief analysis of the fundamentals:

On Thursday (June 23), Federal Reserve Chairman Jerome Powell once again emphasized in his hearing that he will "unconditionally" reduce inflation. Spot gold once touched $1,845 during the session, and then the market began to digest Powell's "hawkish" information, and the price of gold fell sharply, closing down 0.8% at $1,822.71 per ounce. Between interest rate hikes and economic recession, it is difficult for gold prices to show a clear direction, and wide fluctuations are still the main tone.

Spot Gold XAUUSD 1 Hour Chart

A brief technical analysis:

Looking at the 1-hour chart, the price of gold fell again under pressure, forming a significant resistance near 1845. Now it has fallen back to the previous low near 1825. The short-term trend is dominated by short-term trends. At the same time, the MACD begins to increase volume below the zero axis, indicating that the price will further decline. Exploring kinetic energy, 1835 is the watershed for long and short in the day, continue to be bearish below 1835, look at 1815-1800 below

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 1865.00