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Market News Spot gold trading strategy on May 11: Inflation data strikes, long and short battle 200-day moving average

Spot gold trading strategy on May 11: Inflation data strikes, long and short battle 200-day moving average

The strength of the U.S. dollar and the prospect of a rate hike by the Federal Reserve kept gold under pressure, but the geopolitical situation also attracted some bargain hunters. Investors generally pay attention to the inflation data of the United States in April. At present, the market expects that the growth rate of inflation will slow down, but some analysts predict that it may exceed market expectations. The short-term gold price trend is relatively uncertain, and it is more likely to adjust to a low level or fluctuate. .

2022-05-11
9009
During the Asia-Europe session on Wednesday (May 11), spot gold rebounded moderately. It is currently trading near the 1940 mark. There is fierce competition between long and short positions near the 200-day moving average. The strength of the US dollar and the prospect of Fed rate hikes continue to put pressure on gold prices, but the geopolitical situation It also attracted some bargain hunting. Investors generally pay attention to the inflation data of the United States in April. At present, the market expects that the growth rate of inflation will slow down, but some analysts predict that it may exceed market expectations. The short-term gold price trend is relatively uncertain, and it is more likely to adjust to a low level or fluctuate. .

Daily level: fluctuating and falling; short-term moving averages are short-sold, MACD is dead, KDJ is dead, and the short-term is still biased to bears. The initial support is near the 1830 mark, and then the low of 1821.15 on February 11. Further strong support is at 1800. The mark and the January 28 low near 1780.

In view of the fact that the 200-day moving average has not completely fallen, it is still necessary to beware of the possibility of a low-level shock adjustment or shock rebound in the gold price. The initial resistance above is near the low of 1850.10 on May 3, and the resistance of the 5-day moving average is near 1859. If this position is unexpectedly recovered, then Increase the market outlook bullish new number. Then, further resistance lies at the 10-day EMA resistance near 1869.88.

Relatively speaking, before breaking the 1850 mark, the market outlook is still slightly biased towards the bears.



Resistance: 1850.00; 1859.00; 1869.88; 1884.94;
Support: 1836.70; 1830.00; 1821.15; 1800.00;

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

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