The dollar's fall pushes up gold prices, and the meeting on interest rates is heavy

A brief analysis of the fundamentals:

On Tuesday (May 24), poor economic data in Europe and the United States triggered market concerns about economic growth risks. Safe-haven funds flowed into the gold market, and spot gold rose slightly to close at $1,865.86 an ounce. In the short-term, the US dollar index weakened due to the market's worries about the US economic recession, and the safe-haven property of gold played a role. In the follow-up, we will focus on the minutes of the Fed meeting and the performance of PCE data.

Spot Gold XAU 4-hour chart

A brief technical analysis:

Looking at the 4-hour chart, the gold price fluctuated in a narrow range after a slight rebound, stabilized in the short-term, the moving average system flattened, 1865 became a watershed between long and short, the MACD red column increased, the RSI indicator was flat, and the probability of intraday fluctuations was high.

Long and short turning point: 1865.00

Resistance: 1890.00 1915.00

Support: 1840.00 1815.00

Trading strategy: bullish above 1865.00, target 1890.00 1915.00

Alternative strategy: bearish below 1865.00, target 1840.00 1815.00