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Gold: Focus on 1722
2022-07-22
1690
A brief analysis of the fundamentals:
On Thursday (July 22), the European Central Bank announced its interest rate decision, announcing that it would raise the three key interest rates by 50 basis points. Spot gold once touched $1,680 before the European Central Bank announced its interest rate decision, and then rebounded sharply, hitting the $1,720 mark, and finally closed up 1.27%. With the European Central Bank raising interest rates, the Fed ushered in a policy window period, and gold is expected to take the opportunity to rebound and repair the market
Spot gold XAUUSD 1 hour chart
A brief technical analysis:
Looking at the 1-hour chart, the price of gold went out of the deep V and reversed the market. The lowest price dropped to 1680 and then quickly rebounded to around 1720. At the same time, the MACD volume was above the zero axis, indicating that the market has further strong momentum, but the strong resistance above 1722 did not rise. It is difficult to see too high before breaking, and focus on the gains and losses of this resistance level during the day. Look at the adjustment below 1722, and look at 1735-1750 above 1722
Long and short turning point: 1722.00
Resistance: 1735.00 1750.00
Support level: 1700.00 1680.00
Trading strategy: bearish below 1722.00, target 1700.00 1680.00
Alternative strategy: bullish above 1722.00, target 1735.00 1750.00
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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