Gold: Support moved up 1782

A brief analysis of the fundamentals:

On Tuesday (August 9), the yield of the 2/10-year U.S. Treasury bond inverted by as much as 50 basis points. Any such signal in history indicates that the United States has entered an economic recession. The dollar index once broke below the 106 mark, and spot gold After breaking through the $1,800 mark, it fell slightly and finally closed up 0.29%. The focus of the day is the US CPI data. If inflation falls, the Fed may slow down the pace of interest rate hikes, and gold is expected to continue to gain momentum.

Spot gold XAUUSD 1 hour chart

Technical brief:

From the 4-hour chart, the price of gold continued its upward trend above 1770, breaking the previous high of $1790 for a time, and the rally was confirmed again. The intraday support has moved up to $1782, and it can continue to rise above this level within the day, with the upper target at 1800. -1820

, , , , , , , ,

Long and short turning point: 1782.00

Resistance: 1800.00 1820.00

Support level: 1782.00 1770.00

Trading strategy: bullish above 1782.00, target 1800.00 1820.00

Alternative strategy: bearish below 1782.00, target 1770.00 1755.00