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Gold: Focus on 1730 support
2022-07-12
1601
A brief analysis of the fundamentals:
On Monday (July 111), the good non-agricultural data last week continued to ferment, and expectations that the Federal Reserve would continue to accelerate and increase interest rates soared pushed the US index to a new high in more than 20 years. Affected by the strong U.S. dollar, spot gold fell sharply. It dropped to a low of 1730 at one point in the session, and fell by $14 from the daily high, and finally closed down 0.47%.
Spot gold XAUUSD 1 hour chart
A brief technical analysis:
Looking at the 1-hour chart, the price of gold has stopped falling near 1730, and it has not broken below the support, indicating that the strength of the bears is still limited, and the MACD energy column is slightly enlarged below the zero axis, indicating that the market is mainly weak. During the day, pay attention to the support of 1730. If the support falls below again, look down at around 1700; if 1730 rebounds effectively, the market will return to order, and the rebound will look around 1750.
Long and short turning point: 1730.00
Resistance: 1750.00 1765.00
Support level: 1730.00 1700.00
Trading strategy: Bearish below 1730.00, target 1720.00 1700.00
Alternative strategy: bullish above 1730.00, target 1750.00 1765.00
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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