A brief analysis of the fundamentals:
The beautiful non-farm payrolls data has highlighted the confidence of the Fed. The possibility of the Fed raising interest rates by 50 basis points in September is becoming more and more likely. Both the US Treasury bond yields and the US dollar have strengthened, and the US bond yields have risen by 3%. , Spot gold finally fell under pressure, to close at 1839.32 US dollars / ounce. The outlook for gold prices will become more difficult in an environment of resurgent interest rates
Spot Gold XAU 4-hour chart
A brief technical analysis:
From the 4-hour chart, spot gold fell all the way after being under pressure at the 1858 resistance level, and finally closed at the strong support point of 1836 to stop falling. Although the bears were in control, they did not break below the 1836 support or there was a rebound to repair, confirming the break. Only after the support can break the sideways range, the subsequent high probability will enter a new stage of decline.
Long-short turning point: 1836
Resistance: 1858.00 1867.00
Support: 1836.00 1820.00
Trading strategy: bearish below 1836.00, target 1820.00 1810.00
Alternative strategy: bullish above 183.600, target 1858.00 1867.00