#黄金技术分析 #24K99讯 In the Asian market on Wednesday (May 22), spot gold maintained a slight rebound trend during the day. The price of gold is currently around 2,423 US dollars/ounce. FXStreet analyst Lallalit Srijandorn recently wrote an article analyzing technical trends in gold prices.
Spot gold closed down $5.22, or 0.22%, to $2420.67 per ounce on Tuesday. Gold prices hit an intraday low of $2406.04 per ounce.
Srijandorn wrote that the Federal Reserve officials warned that before starting to cut interest rates, the Fed needed more evidence that inflation was easing, and emphasized that the Fed is likely to keep interest rates high for a longer period of time. This may in turn boost the dollar and depress the price of gold denominated in dollars.
Srijandorn added that against the backdrop of trade tension between China and the US, geopolitical tension in the Middle East, and strong demand from central banks and Asian buyers (which may provide some support for gold prices), the downside for gold may be limited. Later on Wednesday, gold traders will keep a close eye on the minutes of the US Federal Open Market Committee (FOMC) meeting, as well as Federal Reserve official Goulsby's remarks.
Federal Reserve Governor Waller said on Tuesday that it will take “a few more months” of good inflation data to consider cutting interest rates. Atlanta Federal Reserve Chairman Bostic said on Tuesday that he is not in a hurry to cut interest rates, but rather wants to wait longer to ensure that inflation does not begin to fluctuate.
Chicago Federal Reserve Chairman Goulsby will deliver the opening address at an event at 9:40 Beijing time on Wednesday.
At 02:00 Beijing time on Thursday, the Federal Reserve will release the minutes of the monetary policy meeting.
FOMC minutes are coming, how can investors trade gold?
Srijandorn pointed out that judging from the 4-hour gold chart, gold prices have formed an upward trend channel since the beginning of May. From a technical perspective, the price of gold remains unchanged, as it remains above the key 100-period exponential moving average (EMA). The Relative Strength Index (RSI) remains in the bullish zone around 63.00, indicating that further upward space currently seems favorable.
Srijandorn said that the first upward target for gold prices will be near the historical high of $2,450 per ounce. If it breaks through this level, the price of gold will rebound to the upper edge of the uptrend channel at $2,465 per ounce and move towards the psychological barrier of $2,500 per ounce.
In a bearish situation, Srijandorn added that the lower edge of the uptrend channel and the integer mark ($2,400 per ounce - $2,405 per ounce area) formed the initial support level for gold prices. Looking further down, the downward target for gold prices is a high of 2,378 US dollars/ounce on May 10, followed by the 100-period EMA (2,364 US dollars/ounce).
At 10:03 Beijing time, spot gold was reported at 2422.84 US dollars/ounce.