GOLD price analysis week 22
Atualizado
In the past week, Gold prices dropped sharply when the statements of FED members took on a "hawkish" tone. At the FOMC meeting
Many Fed members proposed raising interest rates if inflation remains high. Fed members said inflation data for the first quarter of 2024 was "disappointing".
According to a survey by global fund BOFA: Commodities had a record increase last month! This can be seen as an early prediction for PCE data to be released on Friday, May 31. A larger PCE data release will make traders bet on the Fed being more likely to change its initial interest rate cut plans in September and November.
Holding interest rates longer in terms of correlation will help the dollar and government bonds benefit, whereas investments that do not bring returns, in this case the precious metal Yellow, will be under selling pressure.
Notable economic data and events next week
Tuesday: -Consumer confidence index
Thursday: -Preliminary first-quarter US GDP
number of applications for unemployment benefits, pending home sales
Friday: Personal Consumption Expenditures (PCE) and Revenue
U.S. Personal Income and Expenditures
Gold price chart view
On the daily time frame, Gold price closed close to the ichimoku kumo cloud and below the tenkan+ kijun line, it is worth noting that the chikou-span moved below the price line. The price trend is up, the nearest resistance area is around 2352$, rising and closing above this level, the price could move towards 2365$ (an important price level that determines the previous trend), the technical resistance area behind that would be 2375-2383$ . On the downside, $2325 is the closest support area the price needs to break, followed by $2313-2304 in the short term. In the long term, a break and close below the $2,300 area could usher in a more bearish trend. On the H4 time frame, the signal lines show us a bearish trend, after an increase the price "adjusts" back to near tenkan-sen to regain balance and eliminate the "oversold" state. Opening next week's session, if the price falls below $2,325, it will be an early warning that the "correction" has ended and the Gold price continues its previous trend. In the small frame H1, the downtrend has turned to a sideways state. It is necessary to monitor to identify early signals on this frame.
The downtrend is still dominant, open selling positions close to the technical resistance area should be given priority.
Resistance and support levels
resistance area: 2353-2363-2375-2385
Support area: 2313-2304-2290-2282
Many Fed members proposed raising interest rates if inflation remains high. Fed members said inflation data for the first quarter of 2024 was "disappointing".
According to a survey by global fund BOFA: Commodities had a record increase last month! This can be seen as an early prediction for PCE data to be released on Friday, May 31. A larger PCE data release will make traders bet on the Fed being more likely to change its initial interest rate cut plans in September and November.
Holding interest rates longer in terms of correlation will help the dollar and government bonds benefit, whereas investments that do not bring returns, in this case the precious metal Yellow, will be under selling pressure.
Notable economic data and events next week
Tuesday: -Consumer confidence index
Thursday: -Preliminary first-quarter US GDP
number of applications for unemployment benefits, pending home sales
Friday: Personal Consumption Expenditures (PCE) and Revenue
U.S. Personal Income and Expenditures
Gold price chart view
On the daily time frame, Gold price closed close to the ichimoku kumo cloud and below the tenkan+ kijun line, it is worth noting that the chikou-span moved below the price line. The price trend is up, the nearest resistance area is around 2352$, rising and closing above this level, the price could move towards 2365$ (an important price level that determines the previous trend), the technical resistance area behind that would be 2375-2383$ . On the downside, $2325 is the closest support area the price needs to break, followed by $2313-2304 in the short term. In the long term, a break and close below the $2,300 area could usher in a more bearish trend. On the H4 time frame, the signal lines show us a bearish trend, after an increase the price "adjusts" back to near tenkan-sen to regain balance and eliminate the "oversold" state. Opening next week's session, if the price falls below $2,325, it will be an early warning that the "correction" has ended and the Gold price continues its previous trend. In the small frame H1, the downtrend has turned to a sideways state. It is necessary to monitor to identify early signals on this frame.
The downtrend is still dominant, open selling positions close to the technical resistance area should be given priority.
Resistance and support levels
resistance area: 2353-2363-2375-2385
Support area: 2313-2304-2290-2282
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