Gold: bullish above 1746

Basic analysis:

On Thursday (July 28), U.S. GDP recorded -0.9%, a negative value for the second consecutive quarter, in line with the standard definition of a technical recession. The U.S. index fell continuously, with the yield of 10-year U.S. Treasury bonds falling below 2.7%, and spot gold rose above 1750 for a time, ending up 1.29%. When the GDP data triggered a recession, the Fed's interest rate hike bet was significantly reduced, and gold is expected to continue to gain room for rebound.

Spot gold xauusd 4-hour chart

Technical analysis:

According to the 4-hour chart, the gold price continued to rise above the support 1728, reaching a maximum of 1750, and the upward space was opened again. At present, the support has moved up to 1746, and the bullish continued above this level within the day, with the upper target of 1760-1780

Long and short turning point: 1746.00

Resistance level: 1760.00 1780.00

Support position: 1746.00 1728.00

Trading strategy: bullish above 1746.00, target 1760.00 1780.00

Alternative strategy: bearish below 1746.00, target 1728.00 1713.00