Gold: rushing higher and falling back

Fundamental Analysis.

Friday (June 9) Canada's unemployment rate rose to 5.2% in May, which may not prevent the Bank of Canada from raising interest rates again at its July meeting. Expectations for the Fed to continue raising interest rates have strengthened, and spot gold weakened, closing down 0.20%, dragged down by a stronger dollar, but still recording its second consecutive weekly gain. Looking ahead to this week, we need to be wary of the Fed's hawkish turn, while focusing on May CPI, retail sales and other important economic data.

Spot gold XAUUSD four-hour chart

Brief technical analysis.

4-hour chart, gold rebounded above 1970 again, MACD volume above the zero axis to maintain the state of shrinkage, the current market to maintain a wide range of finishing patterns, support 1950-1938, above the pressure concern 1970-1983.

Resistance: 1970 1983

Support level:1950 1938

Trading strategy: 1938 above bullish, the target 1950 1970

Alternative strategy: 1938 below bearish, the target 1920 1900