PCE data boosts confidence, the Fed expresses a subtle change

A brief analysis of the fundamentals:

Last week, with the subtle changes in the Fed's statement, the market is currently betting that it will "slam the brakes" on interest rate hikes in September. The correction of the US dollar index has pushed gold prices to recover. Spot gold fluctuated in a range and closed at $1,852.84 per ounce. . Previously, the core PCE, which is the primary concern of the Fed's policy, will maintain a high range in 22-23 years, far exceeding the target level of 2%, and the price of gold ushered in "vigor" in sideways.

Spot Gold XAU 4-hour chart

A brief technical analysis:

From the 4-hour chart, the price of gold continues to fluctuate in a range, 1840 has become a watershed for long and short, the MACD red column is shortened, and the RSI indicator is flat.

Long and short turning point: 1840.00

Resistance: 1865.00 1890.00

Support level: 1815.00 1800.00

Trading strategy: bullish above 1840.00, target 1865.00 1890.00

Alternative strategy: bearish below 1840.00, target 1815.00 1800.00