Gold: Acceleration of the rise

Basic face analysis:

On Wednesday (July 12), the latest US CPI data in June in June exceeded the expected decline. The annual annual rate of CPI was recorded by 3.0%in the U.S. quarter, and returned to the "3 era"; The annual CPI annual rate of core CPI recorded 4.8%, which is a new low since November 2021. Although this data is unlikely to prevent the Fed from raising interest rate hikes to raise interest rates later this month, this may begin to increase this is the possibility of the last step of interest rate hikes in this cycle. The spot gold rose more than $ 20 after the CPI data was announced, and finally closed up 1.32%, which was closed for four consecutive days.

Spot Gold XAUSD four -hour chart

Technical analysis:

Looking at the 4-hour chart, the gold rose has broken up the resistance. The MACD volume can be measured on the zero axis. The upward trend of the market is obvious. The support is near 1945-1950.

Resistance position: 1970 1983

Support bit: 1945 1930

Trading strategy: Bull above 1945, target 1970 1983

Alternative strategy: Below 1945, target 1930 1920