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Market News Gold trading reminder on June 1: The dollar bulls fight back, and the downward pressure on gold prices increases
Gold trading reminder on June 1: The dollar bulls fight back, and the downward pressure on gold prices increases
On the one hand, Biden vowed to give Fed Chairman Powell "space" to let him fight inflation, provide support for the U.S. dollar and U.S. bond yields, and suppress gold prices; Gold is also under pressure on the upbeat non-farm payrolls report. The technical short-term bearish signal has increased, and the gold price may still fluctuate further in the short-term.
2022-06-01
8910
During the Asia-Europe session on Wednesday (June 1), spot gold fluctuated slightly, hitting a new low of $1,829.42 per ounce in nearly two weeks. On the one hand, Biden vowed to give Fed Chairman Powell "space" to let him fight inflation. Provide support to the U.S. dollar and U.S. bond yields, suppressing gold prices; on the other hand, the market is optimistic about the evening U.S. ADP employment data and the non-farm payrolls report to be released this week, which also puts pressure on gold prices. The technical short-term bearish signal has increased, and the gold price may still fluctuate further in the short-term.
Daily level: shock; the price of gold fluctuated after being blocked near the strong resistance of the 38.2% retracement of the previous decline. The middle Bollinger Band has also suppressed the price of gold. It has now fallen below the 200-day moving average of 1841.40, and KDI has re-formed. Sicha, short-term gold prices face the risk of returning to the downtrend. The initial support is near the high point of 1824.62 on May 18, and the lower support of the Bollinger Band is currently near 1803.93. It remains to be seen whether it can break down further.
In view of the fact that the MACD golden fork signal has not yet completely expired, we still need to pay attention to the possibility of bottoming out. The 200-day moving average at 1841.40 has once again turned into initial resistance, and further resistance is near the 10-day moving average at 1848.96. You can also refer to the middle of the Bollinger Band at 1852.71. Resistance, if it can rise above this position, it will increase the bullish signal in the market outlook; further resistance is near the 1860 mark, and the 38.2% retracement resistance of the 1998-1786 decline is near 1867.58.
Resistance: 1841.40; 1852.71; 1860.00;
Support: 1824.62; 1810.82; 1803.93;
Short-term operation suggestions: cautiously short on rallies.
Daily level: shock; the price of gold fluctuated after being blocked near the strong resistance of the 38.2% retracement of the previous decline. The middle Bollinger Band has also suppressed the price of gold. It has now fallen below the 200-day moving average of 1841.40, and KDI has re-formed. Sicha, short-term gold prices face the risk of returning to the downtrend. The initial support is near the high point of 1824.62 on May 18, and the lower support of the Bollinger Band is currently near 1803.93. It remains to be seen whether it can break down further.
In view of the fact that the MACD golden fork signal has not yet completely expired, we still need to pay attention to the possibility of bottoming out. The 200-day moving average at 1841.40 has once again turned into initial resistance, and further resistance is near the 10-day moving average at 1848.96. You can also refer to the middle of the Bollinger Band at 1852.71. Resistance, if it can rise above this position, it will increase the bullish signal in the market outlook; further resistance is near the 1860 mark, and the 38.2% retracement resistance of the 1998-1786 decline is near 1867.58.
Resistance: 1841.40; 1852.71; 1860.00;
Support: 1824.62; 1810.82; 1803.93;
Short-term operation suggestions: cautiously short on rallies.
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