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Market News Spot gold trading strategy on May 13: The dollar is "arrogant", and the gold bears are pressing step by step

Spot gold trading strategy on May 13: The dollar is "arrogant", and the gold bears are pressing step by step

Powell reiterated that the Fed may raise interest rates by 50 basis points each in June and July. Investors bet that the Fed will insist on aggressive interest rate hikes, helping the dollar index surge overnight to refresh a nearly 20-year high. The dollar remained high and volatile on Friday, making the Gold prices are under pressure. Although concerns about the geopolitical situation and bargain-hunting buying also provide support for gold prices, the short-term gold price is still clearly biased towards weakness.

2022-05-13
10675
During the Asia-Europe session on Friday (May 13), spot gold bottomed out and rebounded. Earlier, it hit a new low of more than three months to $1,810.07 per ounce. Powell reiterated that the Federal Reserve may raise interest rates by 50 basis points each in June and July. Investors bet that the Federal Reserve will insist on aggressive interest rate hikes, helping the dollar index surge overnight to refresh a near 20-year high. The dollar remained high and volatile on Friday, putting pressure on gold prices. Although concerns about the geopolitical situation and bargain-hunting buying also provide support for gold prices, the short-term gold price is still clearly biased towards weakness.

Daily level: unilateral decline; short-term moving averages are short-sold, and fall below the 200-day moving average strong support, MACD dead fork signal continues, KDJ is slightly dead, short-term biased to bears, initial support is near the intraday low of 1810.07, and then an integer of 1800 Support near the mark, further strong support near the low of 1780.35 on January 28. There is also some support near the low of 1788.74 on February 3.

In view of the approaching weekend and the continuous decline, it is still necessary to pay attention to the situation of profit-taking and bargain-hunting buying in short orders. Gold prices also have opportunities for low-level shock adjustments or even moderate rebounds, but before breaking the 200-day moving average 1836.50 resistance, the market outlook is still biased. short. Further resistance is around the low of 1850.10 on May 3, and the 10-day moving average resistance is around 1856.03.



Resistance: 1830.00; 1836.50; 1850.10; 1856.03;
Support: 1810.07; 1800.00; 1788.74; 1780.35;

Short-term trading strategy: conservatives wait and see; aggressive rallies cautiously short.
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