24K99 News Friday (May 17) Asian market, spot gold to maintain a slight intraday rebound trend, gold prices are currently at 2379 US dollars / oz. Valeria Bednarik, chief analyst at FXStreet, wrote an article to analyze the prospect of gold technology.
Bednarik noted that gold prices were revised from around $2400 an ounce and seemed ready to resume gains. Gold's goal is still to retest the $2400 / oz region.
On Thursday, three senior Fed officials said the Fed should keep interest rates high for longer as policymakers wait for more evidence of a slowdown in inflation, suggesting that officials are in no hurry to cut rates. Hawkish comments from Fed officials prop up the dollar.
Spot gold closed down 8% on Thursday, hit by a rebound in the dollar.Muertosmultipliermegaways.52 US dollars, down 0.36%, to 2376.76 US dollars per ounceMuertosmultipliermegawaysGold hit an intraday high of $2397.44 an ounce on Thursday.
Mestre, chairman of the Cleveland Fed, John Williams, chairman of the New York Fed, and Thomas Barkin, chairman of the Richmond Fed, said on Thursday that inflation may take longer to reach the 2 per cent target.
Michele Schneider, director of trading education and research at Market Gauge, said in an interview with Kitco News that while the Fed was reluctant to signal the start of a new easing cycle soon, it was clear that interest rates would not rise again. This ultimately provides for precious metals.MuertosmultipliermegawaysA solid support.
Analysis on the short-term Technical Prospect of Gold
Gold prices fell on Thursday, but the overall position remained bullish, Bednarik said. The gold daily chart shows that technical indicators are still at a positive level, with some losing upward strength, but it is far from suggesting that gold prices are about to fall. At the same time, gold prices are above the 20-day moving average (SMA), while 100-day SMA and 200-day SMA maintain a bullish slope, which is usually a sign of bullish strength.
Bednarik added that according to the gold 4-hour chart, technical data showed that the recent decline in gold prices was corrected and that gold was ready to resume gains. Gold prices are now well above the bullish moving average, while technical indicators are consolidating at a positive level, falling back from overbought data. Renewed buying pressure above $2390 an ounce could cause gold to break through the $2400 / ounce mark.
Bednarik gives the latest important support and resistance levels for gold prices:
Support: $2378.10 / oz; $2361.35 / oz; $2345.20 / oz
Resistance: $2392.50 / oz; $2403.10 / oz; $2417.60 / oz
Beijing time 12MuertosmultipliermegawaysSpot gold was at US $2378.58 / oz.