Gold: Support moved up 1780

A brief analysis of the fundamentals:

Thursday (August 4) The number of Americans applying for unemployment benefits rose to 260,000 last week, close to the highest level in a year, indicating that the labor market continued to slow down. At the same time, Federal Reserve officials revealed clues of interest rate cuts, thinking that 50 interest rate hikes will be made in September. The basis point is more likely, the US dollar index accelerated downward, the 10-year US bond yield fell below the 2.7% mark, and spot gold exceeded $1,790 per ounce, continuing to hit a new high since July 5, closing up 1.47%. Today's non-farm payrolls data will become the focus of the market. If the data goes well, it is necessary to guard against the high level of gold being blocked.

Spot gold XAUUSD 1 hour chart

A brief technical analysis:

From the 4-hour chart, the price of gold continued to rise and broke through the previous high point area again. At present, the resistance level of 1780 has been transformed into unsupported, and the MACD continues to increase volume above the zero axis, indicating that the market may have further upward momentum, and it will continue to rise above 1780 within days. , above target 1800-1820

                                                          

Long and short turning point: 1780.00

Resistance: 1800.00 1820.00

Support level: 1780.00 1765.00

Trading strategy: bullish above 1780.00, target 1800.00 1820.00

Alternative strategy: bearish below 1780.00, target 1765.00 1750.00