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Gold: V-shaped reversal
2023-06-16
1034
Fundamental Analysis.
On Thursday (June 15), the European Central Bank raised interest rates by 25 basis points as expected, and the market raised bets that the central bank will also raise interest rates by another 50 basis points, boosting the euro rose sharply, leading to a big dive in the dollar index, spot gold out of the "V" reversal, once on the $1960 mark, closing up 0.86%. Looking ahead, given that global inflation is still high, once more central banks take more funds monetary policy to suppress inflation, then it is expected to constitute a shock to gold demand.
Spot gold XAUUSD four-hour chart
Technical analysis.
4 hours chart, gold fell to $ 1925 near the start of a rapid rebound, MACD volume shrinking below the zero axis, the short-term market has turned long, the current support focus on 1940-1950, above the pressure near 1983.
Resistance:1970 1983
Support level:1950 1940
Trading strategy: 1940 above bullish, the target 1970 1983
Alternative strategy: 1940 below bearish, target 1925 1910
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