Gold: oscillating around 1840

A brief analysis of the fundamentals:

On Monday (June 20), during the June holiday in the United States, market transactions were light, and spot gold continued to fluctuate, fluctuating within a narrow range around $1,840. The current gold price is mainly affected by the combination of factors such as the Fed’s interest rate hike and the global economic recession. Investors are more cautious about the future market trend and need to wait for more powerful guidance. The sideways situation may continue, but they also need to be alert to unexpected market conditions. Break out of the sideways range.

Spot gold XAUUSD 1 hour chart

A brief technical analysis:

Looking at the 1-hour chart, the price of gold is mainly trading sideways around 1840. After the pullback to support 1835, it has clearly stabilized. This position serves as a more important short-term support. If it remains above this level, the short-term gold price is still in a bullish trend, and it is expected to see above. To 1850-1865; if it breaks below 1835, the bullish trend will be destroyed, and the lower target will be 1825-1815

Long-short turning point: 1835

Resistance: 1850.00 1865.00

Support: 1835.00 1825.00

Trading strategy: bearish below 1835.00, target 1825.00 1815.00

Alternative strategy: bullish above 1835.00, target 1850.00 1865.00