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Gold: resistance down 1825
2022-07-01
1759
A brief analysis of the fundamentals:
On Thursday (June 30), the annual rate of the U.S. core PCE price index in May recorded an annual rate of 4.7%, the lowest since November last year, slightly lower than the expected 4.8%. It eased fears of a U.S. recession. Spot gold once again staged a roller coaster market, rising first and then falling during the session, with an amplitude of over $20, and finally closed down 0.54% at $1,807.26 per ounce.
Spot gold XAUUSD 1 hour chart
A brief technical analysis:
From the 1-hour chart, the price of gold rebounded from 1825 and then was blocked and fell back. The lowest price fell to around 1805, and continued to show a downward trend channel. MACD continued to increase volume below the zero axis, indicating that the market has a high probability of further decline. Continue to use 1825 as a long-short water divider during the day. Line, continue to be bearish on the trend below 1825, the target is around 1800-1785.
Long-short turning point: 1825
Resistance: 1825.00 1840.00
Support: 1800.00 1785.00
Trading strategy: bearish below 1825.00, target 1800.00 1785.00
Alternative strategy: bullish above 1825.00, 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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