Spot gold fell nearly $10 on Tuesday, May 8, affected by the strength of the dollar, and fell below the $2310 / oz mark at one point in intraday trading. The Fed's hardline representative, known as the Eagle King, said on Tuesday that the Fed was likely to keep interest rates at current levels "for an extended period of time" until officials were convinced that inflation was moving towards its target. The comments may have further affected market expectations of future interest rates, putting pressure on gold prices. In addition, with regard to the situation in the Middle East, according to local Israeli media reports on May 7, a delegation of middle and senior Israeli officials went to Cairo, Egypt, on the same day to conduct a new round of cease-fire negotiations in Gaza. This geopolitical dynamic may have a certain impact on risk aversion in the market, which in turn affects the trend of gold prices.
[gold trend analysis]
On Tuesday, the gold market fell into a volatile trend. After the gold price rose in the previous trading day, the market did not usher in an explosive market. In the morning, gold prices fell back after testing the pressure level of 2330 again. In US trading, prices fluctuated mainly in the range of 2310-2320. From a fundamental point of view, the impact of the market on the geopolitical situation has gradually faded. However, it is worth noting that the reserves of gold by major central banks around the world have increased as a whole, which is good for the medium-and long-term trend of gold.
At the same time, the impact of the market on the Fed rate cut is also gradually weakening, the trend of the gold market may not be so intense for some time to come, and investors need more patience to wait for the opportunity. In addition, it is worth noting that the bottoming out of the dollar index has put pressure on gold prices. Judging from the intraday trend, the gold price as a whole is still running in the downward channel, maintaining the view of the previous trading day that if the gold price does not stabilize at 2333, the bulls will not be sustainable.
In terms of gold's daily line, gold has indeed gained some room to rebound this week after successfully holding the key support level of $2300 per ounce. However, the extent of the rebound is still relatively limited. Gold prices fell back quickly after hitting around $2330 an ounce yesterday, suggesting that gold prices are likely to remain volatile until the reversal zone. Therefore, the range of focus in the short term is still 2290-2330.
In the four hours of gold, although the gold price rebounded at the beginning of the week, it did not successfully open the upper space, indicating that the long and short sides of the market are engaged in fierce competition in the short term. However, at present, the support protection provided by the MA20 moving average is still relatively strong, which will be the focus of intraday traders. In addition, the MACD index has returned to above the 0 axis, but has not yet formed a golden fork, and the energy column has begun to shrink, which further confirms the volatility of the market.
Gold's recent trend does show a weak trend, many attempts to rise ended in a pullback, including yesterday. Not only that, the high of gold seems to be gradually moving down, showing a step-by-step downward trend, while the adjusted low continues to bottom. Therefore, in the operation,CryptorelatedtogamingWe should still adhere to the strategy of giving priority to wide shocks.
Gold is currently operating in a wide range of shocks. Since the fall of the high, gold has fallen below the key support line, while the moving average has begun to close. Therefore, the recent operation of the idea of Wen Chengkai suggested that gold should be treated mainly with high-altitude and low-altitude thinking. The top focuses on the rebound pressure level 2318 and last night's high of 2323. When the price of gold rebounds to around 2318, consider shorting. In addition, as gold as a whole is still in the trend of wide volatility, we should also pay close attention to the changes in the lower 2290-80 support level in order to adjust the operating strategy in a timely manner. It is recommended to rebound 2318 empty, and it is recommended to call back more than 2290.