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Gold: see the callback below 1785
2022-07-06
1414
A brief analysis of the fundamentals:
On Tuesday (July 5), the market staged a night of horror. Due to the pessimistic expectations for the European economy, the market slashed bets on the European Central Bank to raise interest rates. The euro fell to its lowest level in 20 years, and then non-US currencies fell further. , pushing the U.S. index to break through 106 and continue to new highs, and spot gold was also under pressure and fell below $1,770 an ounce, plummeting $40 on the day. When the global economic recession is rekindled, it highlights that the global status of the US dollar is still solid, and gold, which has a safe-haven value, has the opportunity to rebound and repair after the sharp decline.
Spot gold XAUUSD 1 hour chart
A brief technical analysis:
Looking at the 1-hour chart, the price of gold continuously broke the key support. After breaking the strong support at 1785, it has now turned into a strong resistance. The MACD has increased sharply below the zero axis, and the short-term sentiment has entered oversold. Be cautiously bullish before breaking through, and still focus on adjustment.
Long-short turning point: 1785
Resistance: 1785.00 1798.00
Support: 1760.00 1745.00
Trading strategy: bearish below 1785.00, target 1760.00 1745.00
Alternative strategy: bullish above 1785.00, target 1798.00 1810.00
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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