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Gold: Continue bulls
2023-07-14
774
Basic face analysis:
Data on Thursday (July 13) showed that the inflation was cooled but the labor market was still tight. The market expected that the Federal Reserve may soon end the interest rate hike cycle. Spot gold hovered near one month of high, and finally closed up 0.17%. Looking forward to the market outlook, as the US finger launch a decline cycle, gold ushered in the upward space.
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 1945-1952, and the resistance above the upper resistance is 1970-1983.
Resistance position: 1970 1983
Support bit: 1952 1940
Trading strategy: Bull above 1952, target 1970 1983
Alternative strategy: Below 1952, target 1940 1930
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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