#黄金技术分析 #24K99讯 was traded early in the European market on Monday (May 13). Spot gold was suddenly violently sold off. The price of gold is currently around 2,343 US dollars/ounce, plummeting more than 16 US dollars during the day. FXStreet analyst Lallalit Srijandorn recently wrote an article analyzing technical trends in gold prices.
(Spot gold 4-hour chart source: 24K99)
Gold prices fell during Monday's Asian trading session, Srijandorn wrote. Hawkish remarks from the Federal Reserve and increased speculation that the Federal Reserve may delay its easing program have boosted the dollar and dragged down gold denominated in dollars. However, signs of economic weakness and ongoing geopolitical tension in the Middle East may support precious metals in the short term.
Srijandorn pointed out that gold traders will keep a close eye on the remarks made by Federal Reserve officials Jefferson and Meester on Monday. Later this week, the US Consumer Price Index (CPI), Producer Price Index (PPI), and retail sales data will be the focus. If economic data is stronger than expected, this may dampen hopes that the Fed will cut interest rates and put some selling pressure on gold.
At 21:00 Beijing time on Monday, Cleveland Federal Reserve Chairman Meister and Federal Reserve Governor Jefferson will deliver a speech on central bank communication.
Gold's latest technical analysis
Srijandorn said that so far on Monday, the price of gold has declined. Despite this, gold's bullish stance remains intact, as the price of gold remains above the key 100-period exponential moving average (EMA) on the four-hour chart. The upward momentum was supported by the 14-day Relative Strength Index (RSI), which is in the bullish zone around 63.50, indicating that further upward movement appears to be favorable.
Srijandorn pointed out that on the downside, the key support for gold prices is around $2,325 per ounce, which is where the 100-period EMA is located.
Looking further down, the next level of support for gold prices is near the May 2 low of 2,281 US dollars/ounce.
On the upward side, Srijandorn added that the first upward obstacle to the gold price will appear near the May 10 high of 2,378 US dollars/ounce. If it breaks through this level, the price of gold will advance towards the psychological threshold of 2,400 US dollars/ounce.
If the price of gold decisively breaks through $2,400 per ounce, it may clear the way for the gold price to rebound to the next major resistance level near the historical high of $2,432 per ounce, followed by the $2,500 per ounce mark.
At 16:31 Beijing time, spot gold was reported at 2343.18 US dollars/ounce.