Gold: Bullish above 1728

A brief analysis of the fundamentals:

At 2:00 a.m. on Thursday (July 28), the Federal Reserve's FOMC announced its July interest rate decision, raising interest rates by 75 basis points for the second consecutive month. It fell and fell below the 107 mark all the way. Spot gold once rose by more than $20, challenging $1,740 per ounce. Follow-up needs to pay attention to whether the Fed will slow down the rate hike at the September meeting, and whether the strong upward pressure on prices will force the Fed to continue to raise interest rates with extraordinary strength. Gold is expected to usher in a rebound window here.

Spot gold XAUUSD 1 hour chart

A brief technical analysis:

From the 1-hour chart, the price of gold started a rebound above 1713, rising to above 1740, breaking the shock consolidation range. At the same time, MACD began to increase volume above the zero axis, and the short-term trend turned upward. The current support has moved up to 1728, and it continues to be bullish above this within days, with the upper target at 1745-1760

Long and short turning point: 1728.00

Resistance: 1745.00 1760.00

Support: 1728.00 1713.00

Trading strategy: bullish above 1728.00, target 1745.00 1760.00

Alternative strategy: bearish below 1728.00, target 1713.00 1700.00