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Gold: Into Boxes 1732-1763
2022-07-08
1241
A brief analysis of the fundamentals:
On Thursday (July 7), the Federal Reserve supported a 75 basis point rate hike in July with two votes. The market's negative interest in rate hikes has gradually exhausted. Spot gold fluctuated around US$1,740, and finally closed up 0.11% at US$1,740.25/ ounce. As the market is deeply concerned about a recession in the global market, as gold, which has a value-preserving effect against inflation and economic recession, the market is expected to usher in a rebound as expectations for the Fed to raise interest rates are gradually exhausted.
Spot Gold XAUUSD 1 Hour Chart
A brief technical analysis:
From the 1-hour chart, the price of gold stopped falling and rebounded after falling back to 1732. The MACD volume can continue to increase but the price has not reached a new high, forming a bottom divergence signal, indicating that the short-term market has entered oversold, and there is a demand for rebound repair. , below $1732, above $1763.
Long and short turning point: 1732.00
Resistance: 1750.00 1763.00
Support: 1732.00 1720.00
Trading strategy: Bearish below 1732.00, target 1750.00 1763.00
Alternative strategy: bullish above 1732.00, target 1750.00 1763.00
The above information is provided by special analysts and is for reference only. CM Trade does not guarantee the accuracy, timeliness and completeness of the information content, so you should not place too much reliance on the information provided. CM Trade is not a company that provides financial advice, and only provides services of the nature of execution of orders. Readers are advised to seek relevant investment advice on their own. Please see our full disclaimer.
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