Gold: Bullish above 1767

A brief analysis of the fundamentals:

On Monday (August 1), the poor performance of European and American manufacturing data points to the fact that the manufacturing industry is falling into a worsening downturn, rekindling the panic of economic recession, the US index and US bond yields fell together, and spot gold continued to rise, breaking the 1770 mark , and finally closed up 0.57%. Expectations of a U.S. recession make the U.S. index face the risk of further retracement, so dollar-denominated gold is expected to gain room for a sustained rebound.

Spot gold XAUUSD 1 hour chart

A brief technical analysis:

From the 1-hour chart, the price of gold maintains its upward trend above the support of 1750, the upside is open again, and the bullish trend continues. The current support has moved up to 1767, and it continues to rise above this level within days, with the upper target at 1785-1800

                                                          

Long and short turning point: 1767.00

Resistance: 1785.00 1800.00

Support: 1767.00 1750.00

Trading strategy: bullish above 1767.00, target 1785.00 1800.00

Alternative strategy: bearish below 1767.00, target 1750.00 1740.00