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Market News Spot gold trading strategy on May 31: long and short seesaw back and forth, pay attention to the breakthrough of the 1840-1870 area

Spot gold trading strategy on May 31: long and short seesaw back and forth, pay attention to the breakthrough of the 1840-1870 area

Considering that oil prices continue to rise, inflation concerns may further increase, and gold prices still have the opportunity to fluctuate and rise. However, the current dollar support shows signs of stabilizing and rebounding, which may still limit the upside of gold prices. Investors should pay attention to the breakthrough in the 1840-1870 area. . On this trading day, Xu will pay attention to the performance of the CPI data in the euro zone in May, the talks between US President Biden and Federal Reserve Chairman Powell, and the geopolitical situation and the performance of global stock markets.

2022-05-31
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During the Asia-Europe session on Tuesday (May 31), spot gold fluctuated within a narrow range. Earlier, the price of gold fell to around $1,845.85 due to rising U.S. dollar and U.S. bond yields, but then attracted bargain hunters due to geopolitical concerns and inflation concerns. , and basically recovered all the losses, and the current gold price has recovered to around $1,855.

Considering that oil prices continue to rise, inflation concerns may further increase, and gold prices still have the opportunity to fluctuate and rise. However, the current dollar support shows signs of stabilizing and rebounding, which may still limit the upside of gold prices. Investors should pay attention to the breakthrough in the 1840-1870 area. . On this trading day, Xu will pay attention to the performance of the CPI data in the euro zone in May, the talks between US President Biden and Federal Reserve Chairman Powell, and the geopolitical situation and the performance of global stock markets.

Daily level: shock; although the middle rail of Bollinger Bands suppresses the price of gold, the 200-day moving average below is relatively strong, and the MACD golden cross signal continues. Before falling below the 200-day moving average, the price of gold still tends to oscillate upward, with initial resistance at 1998-1786 The 38.2% retracement of the decline is near 1867.58. If it can break through this resistance, it is expected to further test the resistance near the 100-day moving average at 1889.37, or even the resistance near the 1900 integer mark. The resistance of the 55-day moving average is currently near 1901.29.

Given that KDJ is showing signs of turning its head down slightly, if the price of gold breaks below the support near the 200-day moving average at 1841.30, it is necessary to guard against the risk of the price of gold returning to the downward trend, and further support will be around the low of 1832.23 on May 20 and the high on May 18. Point resistance is around 1824.63.



Resistance: 1867.58; 1880.00; 1889.39;
Support: 1840.30; 1832.23; 1824.63;

Short-term operation advice: wait and see. Radicals shake their thinking and operate cautiously.
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