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Gold: Stop falling at a low level, and the bottom is beginning to show
2022-07-11
1765
A brief analysis of the fundamentals:
On Friday (July 10), the United States added 372,000 non-farm payrolls in June, significantly exceeding expectations; the unemployment rate remained unchanged at 3.6%. The dollar rose after the unexpected non-farm payrolls report was released, while spot gold fell under pressure. The expected splendid non-farm payrolls further strengthened the Fed’s expectation of a 75 basis point interest rate hike in July, but the market’s reaction to the non-farm payrolls data was very limited, and lingering recession fears were one of the factors behind it. The index fell after ascribed, and gold eventually rebounded slightly and closed up.
Spot gold XAUUSD 1 hour chart
A brief technical analysis:
Looking at the 1-hour chart, the price of gold formed a consolidation range at the low 1733-1750, and the MACD energy column began to shorten near the zero axis, indicating that the market adjustment may have come to an end, and the breakthrough direction is imminent. During the day, focus on the breakdown of the range of 1733-1750, see 1765-1780 for the upward break, and look around 1700 for the downward break.
Long and short turning point: 1733.00
Resistance: 1750.00 1765.00
Support level: 1733.00 1720.00
Trading strategy: bearish below 1733.00, target 1720.00 1700.00
Alternative strategy: bullish above 1733.00, target 1765.00 1780.00
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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