Gold: wide range oscillation

Fundamental Analysis.

Wednesday (June 7) as the G7 "hawkish weathervane" Bank of Canada unexpectedly raised interest rates by 25 basis points, becoming the first G7 countries to suspend interest rate hikes and then restart tightening central banks, the move led to the market on the Fed's June rate hike is expected to heat up, but also completely digest the July rate hike is expected. Spot gold plunged more than $30 after the Bank of Canada rate hike and once lost the $1,940 mark, closing down 1.19%.

Spot gold XAUUSD four-hour chart

Technical analysis.

4 hours chart, gold rushed back to the high in 1970 blocked, again fell to 1938 near the temporary flat, MACD volume in the zero axis under a small release, the current support focus on 1938 near, below the level down to 1920-1900 near.

Resistance level:1970 1983

Support level:1938 1920

Trading strategy: 1938 above bullish, target 1950 1970

Alternative strategy: 1938 below bearish, target 1920 1900