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Gold: Bullish above 1713
2022-07-24
1965
A brief analysis of the fundamentals:
Expectations for a 75 basis-point rate hike by the Federal Reserve cooled sharply as preliminary data showed mixed activity in the manufacturing and services sectors in July, as fears of a U.S. recession continued to mount. Affected by this, the U.S. dollar index accelerated its decline, with a drop of more than 60 points in the day, while spot gold rebounded strongly to refresh the recent high of $1,739. Concerns about recession and weak U.S. economic data have cooled expectations for the Fed to raise interest rates. Currently, the market is betting that the Fed will raise interest rates by 50 basis points in September instead of 75 basis points. Gold is expected to continue to usher in a rebound window after oversold.
Spot gold XAUUSD 1 hour chart
A brief technical analysis:
Looking at the 1-hour chart, the price of gold continued the upward trend of the previous day. It broke the 1722 resistance in one fell swoop. At present, the resistance level has been converted into support, and the next support is near 1713. At the same time, the MACD continues to increase volume above the zero axis, and within the day 1713 Continue to be bullish above, target 1735-1750 above
Long and short turning point: 1713.00
Resistance: 1735.00 1750.00
Support level: 1700.00 1680.00
Trading strategy: bearish below 1713.00, target 1700.00 1680.00
Alternative strategy: bullish above 1713.00, target 1735.00 1750.00
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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