Gold trading strategy on May 16: Can't hold 1800? Pay attention to the support near 1780

On Monday (May 16) during the Asia-Europe period, spot gold fluctuated slightly and was currently trading around $1,805 an ounce. The market generally expects the Federal Reserve to aggressively raise interest rates. The dollar index rose for the sixth week in a row, and remains at nearly 20. Near the year high, the price of gold continues to be under pressure, and the possibility of breaking the 1800 mark in the short term has increased, and it is even expected to fall further towards the 1780 mark.

Daily level: unilateral decline; MACD is running well, KDJ is running well, and the moving average is short. Last week, the price of gold fell below the 200-day moving average at 1837 and the February 11 low at 1821. The current downward momentum is still Save, the market outlook is inclined to fall further near the low of 1780.35 on January 28. Of course, there are also some supports around the 1800 mark and the low of 1788.74 on February 3.

Given that the 1800 mark is a strong psychological mark, there may also be some bargain-hunting buying near this position to provide support for the gold price. Investors need to beware of the possibility of the gold price fluctuating and adjusting near this position. Above 1821 and 1837 have turned into resistance and need to reclaim the 200-day SMA to reverse the decline.



Resistance: 1814.17; 1821.15; 1830.00; 1837.40;
Support: 1800.00; 1792.30; 1788.74; 1780.35;

Short-term operation suggestions: wait and see; radicals are cautiously short on rallies, and short on dips.