Heavy data comes one after another, and the price of gold ushered in "turbulent waves"

A brief analysis of the fundamentals:

Last Friday (May 20), a number of U.S. economic data spread bad news in succession, economic recession expectations triggered risk aversion in the market, the U.S. dollar fell sharply, and spot gold traded sideways, closing at $1,843.10 per ounce. This week, the Federal Reserve will release the minutes of its May monetary policy meeting on Thursday, and the core PCE, the Fed's favorite inflation indicator, will also be released. In the intensive "bombing" of heavy data, the price of gold may usher in huge fluctuations.

Spot Gold XAU 4-hour chart

A brief technical analysis:

From the 4-hour chart, the gold price rebounded slightly and continued to fluctuate sideways. In the short-term, there are signs of recovery, the moving average system is flat, 1840 has become a watershed between long and short, the MACD red column has increased, and the RSI indicator has flattened. The probability of intraday fluctuations is high.

Long and short turning point: 1840.00

Resistance: 1865.00 1890.00

Support: 1815.00 1790.00

Trading strategy: bullish above 1840.00, target 1865.00 1890.00

Alternative strategy: bearish below 1840.00, target 1815.00 1790.00