#黄金技术分析 #24K99讯 At the end of the Asian session on Friday (May 10), spot gold accelerated its short-term rise. The price of gold had just broken through 2,360 US dollars/ounce, surging more than 16 US dollars during the day. FXStreet analyst Lallalit Srijandorn wrote a recent article on Friday analyzing the technical outlook for gold prices.
(5 minute chart of spot gold source: 24K99)
Gold prices rose for the second consecutive trading day on Friday, Srijandorn wrote. Weak US employment data supports speculation that a weakening economy will force the Federal Reserve to cut interest rates.
According to data released by the US on Thursday, the number of jobless claims in the US increased by 22,000 at the beginning of May 4 to 231,000, the highest level since the end of August last year, higher than the 215,000 expected by economists. Prior to that, the US announced last week that the April Non-Farm Report fell short of expectations, and job vacancies in March fell to a three-year low.
Additionally, resurfacing geopolitical concerns may be a positive factor in the value of the gold market, Srijandorn notes.
Srijandorn said that gold traders will pay close attention to the preliminary value of the US University of Michigan Consumer Confidence Index in May, as well as the speeches of Federal Reserve officials Bauman, Goulsby, and Barr. Next week, the US Consumer Price Index (CPI) report will be the focus.
At 22:00 Beijing time on Friday, the US University of Michigan consumer confidence data for May will be released. This is the most important economic data for this week.
According to an authoritative media survey, the initial value of the US University of Michigan Consumer Confidence Index in May is expected to be 76.0, compared to the final value of 77.2 in April.
At 21:00 Beijing time on Friday, Federal Reserve Governor Bowman will deliver a speech on financial stability risks; at 22:00 Beijing time on Friday, Dallas Federal Reserve Chairman Logan will participate in a Q&A session, and Minneapolis Federal Reserve Chairman Kashkari will participate in a Q&A.
Chicago Federal Reserve Chairman Goulsby will participate in a question-and-answer session at 00:45 Beijing time on Saturday; at 01:30 Beijing time on Saturday, Federal Reserve Governor Barr will deliver a speech.
Gold technical analysis: the upward trend in gold prices remains unchanged
Srijandorn pointed out that gold prices showed an upward trend on Friday. Gold maintained its bullish mood as the price of gold remained above the key 100-day exponential moving average (EMA).
In the short term, the price of gold has broken through the downward channel formed in mid-April. The Relative Strength Index (RSI) was in the bullish zone around 67.50 on the 14th, temporarily supporting buyers.
Srijandorn said that if gold bulls enter the market at the psychological threshold of 2,400 US dollars/ounce, then the price of gold may rise to a historical high of around 2,432 US dollars/ounce and move towards 2,500 US dollars/ounce.
On the other hand, Srijandorn added that the first downside target for gold prices will be the resistance conversion support level of $2,340 per ounce.
If gold continues to fall then, the price of gold will face a potential support level of 2,300 US dollars/ounce, followed by a low of 2,281 US dollars/ounce on May 2.
At 14:31 Beijing time, spot gold was reported at 2362.29 US dollars/ounce.