Market News Gold trading strategy on May 23: The dollar continues to weaken, and the rebound of gold prices continues
Gold trading strategy on May 23: The dollar continues to weaken, and the rebound of gold prices continues
On the one hand, investors' predictions that the U.S. interest rate hike will lead to a rise in the U.S. dollar have cooled, and concerns about a U.S. economic recession have increased. The U.S. dollar has continued to weaken, hitting a new low in nearly three weeks, providing support for gold prices; It also provides safe-haven support for gold prices. The technical short-term also favors the bulls.
2022-05-23
9040
During the Asia-Europe session on Monday (May 23), spot gold fluctuated higher, hitting a new high of $1,858.05 per ounce in more than a week. On the one hand, investors' predictions that the U.S. interest rate hike would lead to a rise in the U.S. dollar cooled, and they were worried about a U.S. economic recession. As the temperature rises, the US dollar continues to weaken, hitting a new low in nearly three weeks, providing support for the price of gold; on the other hand, the ongoing war between Russia and Ukraine also provides hedging support for the price of gold. The technical short-term also favors the bulls.
Daily level: rebounded after unilateral decline, KDJ gold cross, MACD also formed a gold cross, the 5-day moving average crossed the 10-day moving average, and the short-term bias was bullish. Currently, it is testing the resistance near the 21-day moving average at 1858.30, and further resistance fell at 1998-1786 It is the resistance near the 38.2% retracement level of 1867.67. This resistance is relatively strong. Whether it can be broken further remains to be seen. Further strong resistance is near the 100-day moving average at 1885.90.
The initial support below is near the 100-day moving average at 1839.00. Before falling below this position, the market outlook is biased towards bulls. Further support is near the 10-day moving average at 1831.91. If the price of gold falls below this position, it will weaken the short-term bullish signal. Then there is support near the May 18 high of 1824.63.
Resistance: 1858.30; 1867.67; 1876.58; 1885.90;
Support: 1839.00; 1831.90; 1824.63; 1810.83;
Suggestions for short-term operations: do more cautiously on dips.
Daily level: rebounded after unilateral decline, KDJ gold cross, MACD also formed a gold cross, the 5-day moving average crossed the 10-day moving average, and the short-term bias was bullish. Currently, it is testing the resistance near the 21-day moving average at 1858.30, and further resistance fell at 1998-1786 It is the resistance near the 38.2% retracement level of 1867.67. This resistance is relatively strong. Whether it can be broken further remains to be seen. Further strong resistance is near the 100-day moving average at 1885.90.
The initial support below is near the 100-day moving average at 1839.00. Before falling below this position, the market outlook is biased towards bulls. Further support is near the 10-day moving average at 1831.91. If the price of gold falls below this position, it will weaken the short-term bullish signal. Then there is support near the May 18 high of 1824.63.
Resistance: 1858.30; 1867.67; 1876.58; 1885.90;
Support: 1839.00; 1831.90; 1824.63; 1810.83;
Suggestions for short-term operations: do more cautiously on dips.
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