#黄金技术分析 #24K99讯 On Friday (May 24), spot gold closed slightly to close at $2,33/oz, but the decline in gold prices reached $81 this week. FXStreet analyst Joaquin Monfort wrote an article on Friday analyzing the short-term technical outlook for gold prices.
Spot gold closed up 0.21% to $2333.43 per ounce on Friday as the dollar declined somewhat.
Spot gold closed the week with a sharp drop of $81.07, or 3.36%, the biggest weekly decline since early December. The price of gold hit a high of 2450.11 US dollars/ounce this week and fell to a low of 2325.35 US dollars/ounce.
Monfort pointed out that better-than-expected US economic data released on Thursday caused the price of gold to enter a downward spiral. Spot gold closed down $50.16 on Thursday.
S&P Global (S&P Global) said on Thursday that the US Composite Purchasing Managers' Index (PMI), which tracks manufacturing and service activity, jumped to 54.4 in May, the highest level since April 2022.
Another data released on Thursday showed that the number of jobless claims in the US fell to 215,000 at the beginning of last week. The two-week decline was the biggest since September last year. The strong labor market continues to support the economy.
This week, 14 Wall Street analysts participated in the Kitco News gold survey. Recently, the popularity of the gold market has declined sharply.
According to the survey, only 3 experts (21%) expect the price of gold to rise next week, while 8 analysts (57%) predict that the price of gold will fall. Three other experts (21%) believe that gold prices will move sideways next week.
The latest technical analysis of gold: the price of gold fell below the main trend line
Monfort pointed out that the price of gold has decisively fallen below the main trend line of the upward trend since February, ushering in a new and more bearish technical atmosphere.
The sharp drop in the price of gold from its all-time high on Monday indicates that the price of gold may be in a short-term downward trend, which is beneficial to short positions rather than long positions.
(Spot gold 4-hour chart source: FXStreet)
Monfort said that the fall below the main trend line indicates that the price of gold may now fall to the conservative target of 2303 US dollars/ounce, or fall all the way to 2,272 US dollars/ounce. The latter is also a support level formed by the May 3 low. If the price of gold falls below the low of 2,325 US dollars/ounce, it will confirm that the price of gold will fall further to the above target.
The Relative Strength Index (RSI) became oversold and then re-entered the neutral zone, indicating an increase in the possibility of a pullback. It is also possible that gold will correct higher and return to the trend line before falling back.
Monfort said that the medium- to long-term trend of gold is still bullish, indicating that the risk of recovery is still quite high, but the price trend indicates that this is not the case at present.
Monfort added that a decisive recovery of the gold price above the trend line of $2,360 per ounce would provide evidence of recovery and a reversal from the short-term downtrend. A decisive breakthrough will be accompanied by one solar line or three consecutive positive lines.