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Gold: Downward Channel Trend
2022-06-30
1502
A brief analysis of the fundamentals:
On Wednesday (June 29), the core PCE price index and the annualized quarterly rate of real GDP in the first quarter of the United States were both higher than expected, indicating that inflation is still at a high level, and then Powell reiterated that the Fed will focus on inflation, while believing that the U.S. economy may still be possible. Soft landing. Spot gold was on a roller coaster ride, dived again after touching 1830, and gave up all gains, and finally closed down 0.1% at $1817.92 per ounce.
Spot gold XAUUSD 1 hour chart
A brief technical analysis:
Looking at the 1-hour chart, the price of gold rebounded from 1830 and then was blocked and fell again. Now it has fallen to around 1820 to consolidate, continuing to show a downward trend channel. MACD is shrinking below the zero axis, indicating that the market is likely to fluctuate within a narrow range. Continue to 1830 during the day As a long and short waterline, the trend continues to be bearish below 1830, and the target is around 1810-1800.
Long-short turning point: 1830
Resistance: 1830.00 1840.00
Support level: 1810.00 1800.00
Trading strategy: bearish below 1830.00, target 1810.00 1800.00
Alternative strategy: bullish above 1830.00, target 1840.00 1850.00
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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