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Gold: Bullish above 1755
2022-08-04
1348
A brief analysis of the fundamentals:
On Wednesday (August 4), Federal Reserve officials made another hawkish remarks, which successively extinguished expectations of interest rate cuts next year. Spot gold fluctuated above 1770 before the US market, and then fell again, closing slightly up 0.39%. The current fundamentals of gold are closely related to the prospect of the Fed raising interest rates, and a weaker dollar is directly positive for gold prices, and vice versa.
Spot gold XAUUSD 1 hour chart
A brief technical analysis:
Looking at the 1-hour chart, the price of gold rose and fell and consolidated again, and the support at 1755 below was confirmed again. The short-term trend will be mainly above this level, and the MACD will shrink below the zero axis, indicating that the market may rebound further. On the bullish, the upper target 1770-1790
Long and short turning point: 1755.00
Resistance: 1770.00 1780.00
Support level: 1755.00 1736.00
Trading strategy: bullish above 1755.00, target 1770.00 1785.00
Alternative strategy: bearish below 1755.00, target 1736.00 1720.00
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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