简体中文
ภาษาไทย
繁體中文
Indonesia
Gold: Bulls prevail after deep V reversal
2022-07-04
1513
A brief analysis of the fundamentals:
On Friday (July 1), a number of Fed officials once again made it clear that they supported a 75 basis point interest rate hike. The market's pricing of the Fed's interest rate hike rose again. The US index rose sharply, and gold fell to a minimum of around $1,785. The rekindling of interest rate expectations has also intensified investors' concerns that the U.S. economy may further decline. Gold then recovered all its lost ground and once again stepped out of the "V-shaped" reversal market.
Spot gold XAUUSD 1 hour chart
A brief technical analysis:
Looking at the 1-hour chart, the price of gold first fell and then rose out of the "deep V" market, which verified that the low point on May 16 near $1,785 had strong support, and the MACD sharply reduced its kinetic energy below the zero axis. The intraday market is expected to strengthen further. The current short-term support moves up to around 1798, bullish above 1798, target 1815-1825; bearish below 1798, target 1785-lower.
Long-short turning point: 1798
Resistance: 1815.00 1825.00
Support level: 1798.00 1785.00
Trading strategy: bearish below 1798.00, target 1785.00 1770.00
Alternative strategy: bullish above 1798.00, target 1815.00 1825.00
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.
Free AccessDaily Trading Strategy
Download Now
CM Trade Mobile Application
Economics Calendar
More
