Gold: see adjustment below 1850

A brief analysis of the fundamentals:

On Friday (June 17), Minneapolis Fed President Kashkari said he supports a 75 basis point rate hike in June and another 75 basis point rate hike in July. After Kashkari's speech, the US dollar index rose again, and spot gold fell 1% on the day, almost engulfing all the gains of the previous trading day. Expectations of sharp interest rate hikes by the Federal Reserve continue to ferment, and gold still faces greater resistance this week.

Spot gold XAUUSD 1 hour chart

A brief technical analysis:

From the 1-hour chart, the price of gold rose to the vicinity of 1858, which was the densely traded area in the previous period, and fell back to the support area of ​​1836. Because the rally could not be continued again, the MACD column shortened sharply and was about to cross the zero axis. The trend once again entered a wide range of fluctuations. The resistance has moved down to 1850, and it will continue to see a callback below 1850 within days, with a target of 1830-1815.

Long-short turning point: 1858

Resistance: 1850.00 1858.00

Support level: 1836.00 1830.00

Trading strategy: bearish below 1850.00, target 1830.00 1815.00

Alternative strategy: bullish above 1850.00, target 1858.00 1870.00