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Market News Spot gold trading strategy on May 18: bullish news mixed, short-term bias towards shock adjustment
Spot gold trading strategy on May 18: bullish news mixed, short-term bias towards shock adjustment
On the one hand, the pullback of the US dollar, the geopolitical situation and bargain-hunting buying provided support for the gold price. On the other hand, the hawkish speeches of officials such as Federal Reserve Chairman Powell still made gold bulls scruples, and the rebound in global stock markets also suppressed the safe-haven of gold prices. Buying needs, short-term gold prices tend to run low and volatile.
2022-05-18
7419
On Wednesday (May 18) during the Asia-Europe session, spot gold fluctuated within a narrow range and is currently trading around US$1,813. On the one hand, the US dollar's pullback, geopolitical situations and bargain-hunting buying provided support for gold prices. The hawkish speech of Powell and other officials still made gold bulls have some scruples. The rebound of global stock markets also suppressed the safe-haven buying demand of gold prices, and short-term gold prices tended to run low and fluctuated.
Daily level: unilateral decline; but KDJ formed a golden fork at a low level, and the gold price did not fall below the strong support near 1780, and 1780-1810 is a dense transaction area, the gold price is expected to bottom out in shock, pay attention to the resistance near the 200-day moving average 1838.20 , if it can recover this position, it will increase the bottoming signal. The low resistance on May 3 is near 1820.10; the 38.2% retracement resistance is near 1867.67.
The initial support below is near the low of 1798.98 on May 13, then near the recent low of 1786.70, and the strong support is near the low of 1780.35 on January 26.
2-hour level: low and volatile; at present, the MACD is dead, but the KDJ has a golden cross. The short-term trend lacks a clear direction. The Bollinger band orbit runs horizontally. Pay attention to the breakthrough in the 1796.65-1836.59 area of the Bollinger band orbit.
In view of the fact that the price of gold has fallen back after being blocked near the Bollinger Line, it currently falls below the middle Bollinger line, and the short-term bias is to test the next Bollinger Line support at 1796.63. If the price of gold can stick to this support, there is still a chance for the market outlook to oscillate and test the resistance near the Bollinger Line.
If it unexpectedly falls below the support near 1796.65, the price of gold may fall further towards the 1780 mark.
Resistance: 1821.82; 1830.00; 1838.20; 1850.10;
Support: 1806.54; 1796.63; 1786.70; 1780.00;
Suggestions for short-term operations: wait and see; radicals are cautiously short-term on rallies and more cautious on dips.
Daily level: unilateral decline; but KDJ formed a golden fork at a low level, and the gold price did not fall below the strong support near 1780, and 1780-1810 is a dense transaction area, the gold price is expected to bottom out in shock, pay attention to the resistance near the 200-day moving average 1838.20 , if it can recover this position, it will increase the bottoming signal. The low resistance on May 3 is near 1820.10; the 38.2% retracement resistance is near 1867.67.
The initial support below is near the low of 1798.98 on May 13, then near the recent low of 1786.70, and the strong support is near the low of 1780.35 on January 26.
2-hour level: low and volatile; at present, the MACD is dead, but the KDJ has a golden cross. The short-term trend lacks a clear direction. The Bollinger band orbit runs horizontally. Pay attention to the breakthrough in the 1796.65-1836.59 area of the Bollinger band orbit.
In view of the fact that the price of gold has fallen back after being blocked near the Bollinger Line, it currently falls below the middle Bollinger line, and the short-term bias is to test the next Bollinger Line support at 1796.63. If the price of gold can stick to this support, there is still a chance for the market outlook to oscillate and test the resistance near the Bollinger Line.
If it unexpectedly falls below the support near 1796.65, the price of gold may fall further towards the 1780 mark.
Resistance: 1821.82; 1830.00; 1838.20; 1850.10;
Support: 1806.54; 1796.63; 1786.70; 1780.00;
Suggestions for short-term operations: wait and see; radicals are cautiously short-term on rallies and more cautious on dips.
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