GOLD corrects, uptrend remains stable, market news

21 thg 5

On the Asian market, gold is delivered immediately XAUUSD suddenly dropped sharply from the session's high of 2,433.13 USD/ounce. Gold price has just touched 2,410 USD/ounce, setting the lowest level of the day as of the time this article was completed.

News of the death of the Iranian president has increased tensions in the region and gold prices have increased due to safe-haven demand. However, comments from Federal Reserve Vice Chairman Michael Barr put pressure on gold prices.
Barr, the Fed vice chairman for regulatory affairs, said Monday that interest rates will need to remain at current levels for longer to bring inflation back to the sustainable target level. “The Fed needs to give tightening policy more time to continue to work,” Barr said.

New geopolitical news in the Middle East
New news from the Middle East situation on May 20, the prosecutor of the International Criminal Court applied for an arrest warrant for Israeli Prime Minister Netanyahu and Defense Minister Galante on suspicion of war crimes.
According to the prosecutor's statement, prosecutors have "reasonable grounds to believe" that Prime Minister Netanyahu and Israeli Defense Minister Galante are responsible for the "war crimes and counterattacks" that occurred. in the Gaza Strip “from at least October 8, 2023”.
Traders are monitoring developments in the Middle East after Iran's president and foreign minister were killed in a helicopter crash. Additionally, in Saudi Arabia, OPEC's largest oil producer, King Salman is being treated for a lung infection.

In general, the market is lacking truly notable developments that create significant fluctuations, so gold is likely to correct, but in terms of the overall picture, although gold prices are limited in their upward momentum by comments from officials. Fed, but it still has a lot of fundamental room to increase prices.

Analysis of technical prospects for XAUUSD
On the daily chart, gold has corrected significantly from its new all-time high set yesterday, a correction that was also price point to the 0.382% trend-following Fibonacci extension.

However, the gold price still has an uptrend mainly from trend and a short-term uptrend from price channel and all the support and technical conditions support the possibility of price increase.

Once gold breaks the 0.382% Fibonacci extension level, it will continue to open a new bullish cycle with a new era high targeted at the 0.50% Fibonacci point.

As long as gold remains above the original price point of 2,400 USD and the 0.236% Fibonacci level along the price channel, it still has short-term bullish prospects.

During the day, the uptrend in technical gold prices will be noticed again by the following price levels.
Support: 2,400 – 2,398USD
Resistance: 2,422 – 2,430USD

🪙SELL XAUUSD | 2457 - 2455

⚰️SL: 2461

⬆️TP1: 2450
⬆️TP2: 2445

🪙BUY XAUUSD | 2389 - 2391

⚰️SL: 2385

⬆️TP1: 2396
⬆️TP2: 2401

21 thg 5

Ghi chú

Yesterday was a fairly calm day for the USD as yields gradually recovered after the CPI report and although the market did not seem too worried, Fed officials were not. Algorithmic hedge funds continue to short USD but real money funds have started buying again.

22 thg 5

Ghi chú

23 thg 5

Ghi chú

Gold prices plunged in trading on Wednesday, penetrating below the $2,400 support level, as traders appeared to take profits ahead of the release of the minutes from the Fed's most recent meeting. Data from the US shows the housing market continues to be weak.

23 thg 5

Ghi chú

🔹Goldman Sachs: Saudi Arabia aims to spend $3.3 trillion on investments

Goldman Sachs Bank confirmed in a research note issued yesterday, Wednesday, that Saudi Arabia is working to increase local investments, with the aim of increasing the share of non-oil GDP in the total domestic product to 65% within 6 years, from about 45% currently.

23 thg 5

Ghi chú

The positive preliminary PMI data knocked investors' confidence that the Fed will begin cutting interest rates from its September meeting. The CME FedWatch tool shows that investors predict a 53% chance of the Fed lowered interest rates in September, down from the previous 58% after the preliminary PMI report was released.

26 thg 5

Ghi chú

- The US dollar remains, by a very large margin, the world's reserve currency.
- Recent events indicate that the dollar's influence has increased significantly.
- The real return on capital is not appropriate to use to measure long-term neutral interest.
- Real 10-year Treasury yields are a good real proxy for the theoretical value of the neutral interest rate.