Gold: see callback below 1780

A brief analysis of the fundamentals:

On Friday (August 5), the United States announced that the number of non-farm payrolls increased by 528,000 after seasonal adjustment in July, the largest increase since February this year and nearly double the market expectation. Interest rate expectations have risen sharply. After the data was released, the U.S. index rose by more than 80 points, and spot gold fell by nearly $20, falling to the $1,770 mark at one point. The market began to re-bet on the Fed to raise interest rates by 75 basis points in September, and gold may face pressure again in the short term.

Spot gold XAUUSD 1 hour chart

Technical brief:

Looking at the 1-hour chart, the gold price fell from a high level and fell below 1780 again. At present, the support of 1780 has turned into resistance again. MACD began to increase volume below the zero axis, indicating that the market may have further downward momentum. target 1755-1740

Long and short turning point: 1780.00

Resistance: 1800.00 1820.00

Support: 1755.00 1740.00

Trading strategy: bullish above 1780.00, target 1800.00 1820.00

Alternative strategy: bearish below 1780.00, target 1755.00 1740.00