Daily discussion of gold | Gold price is weak, follow this support position

Today's guest: Gold Investment Analyst Wu Di

In terms of fundamental terms, the Fed announced in the early hours of the morning to raise interest rate hikes 75 basis points, and adjusted the interest rate target range to 3%to 3.25%, in line with market expectations. This is the fifth rate hike this year, and it is also the third consecutive interest rate hikes 75 basis points. The largest dense interest rate hike since 1981, but the level of inflation in the United States has not declined significantly.

The Dipping Map of the Federal Reserve is more eagle than market expectations. Most officials expect that by the end of this year, they will raise 125 basis points to raise the possibility of 75 basis points in November. After the Federal Reserve's interest conference ended and announced the resolution of the interest rate, the Fed Chairman Powell held a press conference. Powell expressed his determination to control inflation many times. But it is not as painful as the stability of price is not as stable. The Fed has many policy tools to restore price stability. In addition, he reiterated that the interest rate hike will depend on future data, which may slow down the rate hike at a certain time to evaluate the impact of the interest rate hike/tightening policy.

From a technical point of view, the highest gold price test this week is $ 1689/ounce this week, but it has failed to form an effective breakthrough. Then the price of gold was dived sharply to 1670 US dollars/ounce, which showed that the overall trend was still short, and the resistance continued to pay attention to 1689 Near the dollar/ounce, if it can break through the position, it can relieve downward pressure. The support continues to pay attention to the strength of $ 1643/ounce. If it falls below this position, the support will be adjusted to nearly $ 1608/ounce. At present, the price of gold is in a weak oscillation. It does not rule out the risk of continuing to break down.

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