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Gold: Bullish above 1750
2022-07-31
1524
A brief analysis of the fundamentals:
On Friday (July 29), the US index soared in the short-term due to the strong PCE price index and other data Gold extended gains. The expectation of a recession in the US dollar makes the US index face the risk of further retracement. From a trading point of view, the US dollar also needs to ease the congestion of bull trades in order to gain new upward momentum, so gold is still expected to gain a rebound opportunity.
Spot gold XAUUSD 1 hour chart
Technical brief:
Looking at the 1-hour chart, the price of gold continued to rise again after a pullback of 1750, and it is still in a bullish trend. At present, the support of 1750 has been confirmed, and it will continue to rise above this level within days. The upper target is 1772-1785
, , , , , , , ,
Long and short turning point: 1750.00
Resistance: 1772.00 1785.00
Support level: 1750.00 1740.00
Trading strategy: bullish above 1750.00, target 1772.00 1785.00
Alternative strategy: bearish below 1750.00, target 1740.00 1725.00
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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