Spot gold trading strategy on May 26: Bollinger Bands middle rail is obviously suppressed, shorts are pressing step by step

During the Asia-Europe session on Thursday (May 26), spot gold fluctuated slightly and was currently trading around $1,845. Although the minutes of the Fed meeting overnight were slightly less hawkish than expected, providing some support for gold prices in the short-term, the global central bank is expected to Further interest rate hikes will increase the opportunity cost of holding gold, and U.S. stock markets have risen, weighing on safe-haven demand for gold. The technical short-term bearish signal has increased.

This trading day will focus on the revised value of the US first-quarter GDP and the changes in the number of initial jobless claims in the US. The market expects that the US GDP in the first quarter may be revised up slightly, and the number of initial jobless claims is expected to further reflect the steady recovery of the US job market, which may have a negative impact on the U.S. job market. Gold prices are unfavorable. Of course, it is also necessary to pay attention to the impact of geopolitical situations and global stock market performance on market sentiment.

Daily level: The rebound was blocked after the shock fell. Multiple resistances near the middle rail of the Bollinger Bands significantly suppressed the gold price. KDJ has a tendency to turn heads. It is necessary to beware of the risk of the gold price returning to the downward trend. The initial support is near the 200-day moving average at 1840.40. The 10-day moving average is supported near 1837.32, and the low point on May 20 is supported near 1832.23. If it falls below this support, it will increase the short-term bearish signal.

Further support is near the May 18 high of 1824.63, followed by the 1810 and 1800 mark.

Since the MACD golden cross signal is still there, the price of gold is still above the 200-day moving average. If the price of gold can break through the middle-rail resistance of the Bollinger Bands, it will increase the bullish signal of the middle-line. Currently, the resistance of the middle-rail of the Bollinger Bands is around 1864.31; the 5-day moving average There is also some resistance around 1853.02.



4-hour level: shock; the Bollinger Bands track closes and runs close to horizontal, pay attention to the breakthrough in the 1837.08-1868.62 area of the Bollinger Bands track.

Resistance: 1853.02; 1860.00; 1868.62; 1880.00;
Support: 1840.40; 1832.23; 1824.63; 1810.00;

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