Gold: short-term bottoming and rebound

A brief analysis of the fundamentals:

On Wednesday (June 14), the Federal Reserve announced the latest interest rate decision, raising the benchmark interest rate by 75 basis points and firmly committed to returning the inflation rate to 2%. Subsequently, Powell's speech stated that a substantial interest rate hike will not be normalized, and the next interest rate hike may be reduced to 50 basis points. This remark cooled the Fed's aggressive interest rate hike moves and was interpreted by the market as "dovish". The US index fell from a high level, and gold fell sharply It rebounded and finally closed up 1.43% at $1,833.9 an ounce.

Spot gold XAUUSD 1 hour chart

A brief technical analysis:

Looking at the 1-hour chart, the price of gold started to rebound after gaining support at 180. Yesterday, it retraced to 1813 and stabilized and continued the rebound momentum. At present, a head-and-shoulders bottom pattern appears in the small cycle, and the price of gold is expected to continue to move upward and correct the market. Above 1830, bullish, target 1850; below 1830, bearish, target 1815-1800

Long-short turning point: 1830

Resistance: 1840.00 1850.00

Support level: 1815.00 1800.00

Trading strategy: bearish below 1830.00, target 1850.00 1800.00

Alternative strategy: bullish above 1830.00, target 1838.00 1865.00