#黄金技术分析 #24K99讯 At the end of the Asian session on Wednesday (May 22), spot gold maintained an intraday decline. The price of gold is currently around 2,415 US dollars/ounce. Economies.com, a well-known financial information website, wrote a new article on Wednesday to analyze the technical prospects of intraday gold.
According to Economies.com, the technical side is currently sending bearish signals, and the first bearish target for gold prices is $2390.00/oz.
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.
At 02:00 Beijing time on Thursday, the US Federal Open Market Committee (FOMC) will release the minutes of the monetary policy meeting from the end of April to the beginning of May.
Analysts pointed out that if the Federal Reserve minutes are worded in hawkish terms, the US dollar is expected to strengthen, thereby driving a further correction in gold prices.
Cleveland Federal Reserve Chairman Meester hinted on Monday that there is less room to cut interest rates than previously anticipated. Federal Reserve Vice Chairman Jefferson said on Monday that it is still too early to determine whether the slowdown in inflation will “continue for a long time,” while Vice Chairman Barr said that suppressive policies will continue for more time.
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 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.
Economies.com wrote in the article that the price of gold continues to fluctuate around $2415.00 per ounce. It is currently awaiting a continued downward trend in gold prices to achieve a bearish correction to the regional upward trend that began at 1984.16 US dollars/ounce. Our initial target for the gold price is $2390.00/oz. If it falls below this level, the gold price target is $2340.10/oz.
(4-hour spot gold chart source: Economies.com)
According to Economies.com, the stochastic indicator is currently sending negative signals, which supports the expectation that the price of gold will fall in the next few trading sessions. However, if the gold price breaks through the levels of 2431.44 US dollars/ounce and 2450.00 US dollars/ounce, this will stop the bearish scenario and cause the price of gold to return to its main bullish trajectory.
Economies.com predicts that today's gold price trading will be between the support level of $2395.00 per ounce and the resistance level of $2430.00 per ounce.
According to Economies.com, today's expected trend for gold prices is bearish.
At 13:55 Beijing time, spot gold was reported at 2415.60 US dollars/ounce.