XAUUSD Technical Analysis: One-Week Low, KDJ/MACD Death Crosses, and $4065 Resistance Cap Rebounds; Sell Setup Active

XAUUSD hit a one-week low

On Tuesday, XAUUSD was prone to fluctuation and fell. It came close to the US$4010 mark for some time, hitting a one-week low. It ended down 1.18% at US$4028.64 per ounce.

The expectation that the Fed will increase the interest rate climbed

Many officials at the Fed released hawkish statements recently, raising the expectation that the Fed will increase the interest rate. The probability that the Fed will raise the interest rate in September has climbed to about 75%, the market prices show.

Gold ETF holdings decreased

As of 28^th July, gold ETF holdings reached 1008.727 tons, decreasing by 0.571 tons from the previous trading day, according to the data from the world’s largest gold ETF——SPDR Gold Trust.

The bearish market trend prevailed in the short term

the Chart of the Day

On the chart of the day, XAUUSD was prone to fluctuation and fell. The bearish market trend prevailed. In terms of technical indicators, KDJ went downwards after death cross occurred, showing that the market trend is bearish. Investors should focus on whether XAUUSD will break through the support at 3982. It will decline with potential support at 3942 if it breaks below 3982.

4-hour chart

On the 4-hour chart, XAUUSD was prone to fluctuation and declined. The bearish market trend prevailed. In terms of technical indicators, MACD went downwards after death cross occurred, showing that the market trend is bearish. Investors should focus on whether XAUUSD will break through the resistance at 4065. It will fall if it rebounds but is capped at 4065.

Key resistance: 4065,4112

Key support: 3982,3942

Generally speaking, the bearish market trend prevailed in the short term. Investors should focus on the Fed interest rate decision during the day.