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Gold: focus on 1798 support
2022-07-05
1608
A brief analysis of the fundamentals:
On Monday (July 5), due to the thin market trading during the US Independence Day holiday, spot gold fluctuated within the range of 1800-1814, and finally closed flat at $1808.04 per ounce. In the short term, U.S. Treasury bond yields will be a key driver of the next direction for gold prices, with the 10-year Treasury bond yield now down 60 basis points from a high of 3.48% as fears of a U.S. recession intensify. Markets have begun betting that the Federal Reserve will cut interest rates in mid-2023, easing pressure on gold to some extent.
Spot gold XAUUSD 1 hour chart
A brief technical analysis:
From the 1-hour chart, the price of gold fluctuated slightly and fell back, but it was still above the support of 1798. After the MACD crossed the zero axis, it gradually weakened, indicating that the market was trimmed above the support, and the market is still expected to strengthen further. The current support continues to focus on 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.
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