Yesterday, Wednesday, May 16, we thought that the US PPI data were mixed, and Powell's speech was mixed, and the impact on gold was limited, but the concern about Israel's full-scale attack on Gaza pushed the gold price up, so in operation, it is recommended that everyone focus on the lower support focus on $2364, followed by $2354, the upper pressure on $2378, followed by $2388 and $2400.
Judging from the subsequent trend, gold fell back before the US market, falling to $2358, while gold was pulled up to $2378 at the start of the day. After being blocked, the price of gold fell back to $2351, and rose to $2390 after stabilizing. Gold extended its previous rally, rising as high as $2397 at the start of trading on Thursday, and is temporarily trading around $2388. Overall, gold maintained an upward trend, testing the $2400 round mark, which was basically in line with expectations.
Wolfinance star analysts believe that despite Fed officials' hawkish remarks last week to dampen expectations of interest rate cuts, the Gaza cease-fire talks broke down, fears of a full-scale Israeli offensive in Gaza supported gold prices, and US April CPI data and retail sales data released on Wednesday were lower than expected, boosting Fed interest rate cut expectations and pushing gold further higher under pressure on the dollar to hit an one-month low.
News, Gaza cease-fire talks broke down, Israel may fully attack Rafah, concerns about tensions in the Middle East, support the price of gold. The April CPI data of the United States, released on Wednesday, rose 3% year on year.Topearntoplaycryptogames.4%, in line with expectations lower than the previous value of 3Topearntoplaycryptogames.5%, up 0.3% month-on-month, lower than the expected and previous value of 0.4%, core CPI rose 3.6% year-on-year, 3.8% lower than the previous value, 0.3% higher than the previous value, 0.4% lower than expected; and retail sales data 0%, much lower than the expected 0.4% and 0.6%. CPI data suggest that US inflation has cooled over time, as well as weak retail sales data, boostingTopearntoplaycryptogamesWith the possibility of a Fed rate cut, yields on the dollar and 10-year Treasuries hit an one-month low.
On the daily chart, gold stabilizes in the lower rail position of the Bollinger belt, begins to strengthen after breaking through the middle rail position, and now encounters resistance in the upper rail position. For the pressure above the gold, you can focus on the Bollinger Belt track of $2390, which is also Wednesday's high, followed by the round position of $2400; the lower support can focus on last week's high of $2378, followed by the 10-day moving average of $2364. The 5-day EMA golden fork diverges, KDJ and RSI index golden fork, MACD index begins to form golden fork, and the technical side is dominated by many sides.
Gold intra-day referenceTopearntoplaycryptogamesGold gains were supported by the collapse of cease-fire talks in Gaza, heightened risk aversion and weaker-than-expected US CPI data, boosting interest rates. It is recommended to deal with concussion thinking in operation, the lower support focuses on $2378, followed by $2364, and the upper pressure focuses on $2390, followed by $2400.
