Gold: Continued bullishness above 1836

A brief analysis of the fundamentals:

The Fed's decision on Thursday (June 16) set off a wave of global central banks raising interest rates, followed by the Bank of England to raise interest rates by 25 basis points. Aggressive tightening of monetary policy has exacerbated concerns of a late economic recession. At the same time, the conflict between Russia and Ukraine is also heating up. The United States and Britain said they would continue military aid. The leaders of Germany, Italy and France visited Ukraine. Gold fell first and then rose, and was driven by risk aversion to break through 1850. The dollar mark finally closed up 1.27% at $1,856.74 per ounce.

Spot gold XAUUSD 4-hour chart

Technical brief:

From the 4-hour chart, the price of gold once again stepped back on the previous trading day's low near 1813 and stabilized, and then continued to rise and broke through the high of 1840, forming a continuous upward pattern, and the bottom was reconfirmed.

Long-short turning point: 1836

Resistance: 1855.00 1870.00

Support level: 1836.00 1820.00

Trading strategy: bearish below 1836.00, target 1820.00 1800.00

Alternative strategy: bullish above 1836.00, target 1855.00 1870.00