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11/05 Spot gold price analysis
Fundamental Analysis
May 11, in European market, gold price rose to the highest level over the past three months. U.S. employment data was upset and far less than expected, which has provided a basis for the Fed to maintain expansionary monetary policy. The U.S dollar index stabilized at 90 after falling continuously and fell 0.2% to its lowest point since 25 February. After the release of the poor U.S. non-farm agricultural employment data last Friday, U.S. Treasury yields fell sharply, driving the U.S. dollar index to fall under pressure. However, the slight increase in the yield of government bonds on Monday and the successive easing of COVID-19 restrictions placed on European areas have limited the increase of gold price. As a result, gold price fell back as it meets obstacles after its sharp increase. There is still some room for gold price to reach the important resistance level in the upper 1860 area, although its price has been under obvious pressure for two consecutive trading days. Investors can wait for the low and there are many opportunities after the gold price become stabilized.
Technical Analysis
As the reminder I posted yesterday, trends from Tuesday to Thursday would be the opposite of the trend on Monday, therefore, it we are bullish on gold price this week, in the European market or even the U.S. market yesterday, gold price would pull back firstly. Looking through yesterday’s trend, it could be seen that the wave of gold price back-testing support callback has not ended yet. Today’s trend would continue the callback of yesterday and continue to explore the area around the bottom of the first support level 1818-1825. Then, after stepping back, if the gold price becoming stabilized, gold price would continue to rise above the 1850 area. In addition, on the technical side, the daily level closed an inverted hammer, and the upward momentum has weakened compared with the previous two days. The upper part is suppressed by the 200-day moving average. The MACD upward action tend to increase, the RSI is approaching the overbought zone. In the 4-hour chart, the price fluctuates at a high level, the upward momentum on MACD weakens, and RSI is still running in the overbought range, so today the idea of operating is short selling on higher price.
Today’s strategy
Short position set sell limit at 1838-1842, with take profit at 1825-1828, and stop loss at 1848
May 11, in European market, gold price rose to the highest level over the past three months. U.S. employment data was upset and far less than expected, which has provided a basis for the Fed to maintain expansionary monetary policy. The U.S dollar index stabilized at 90 after falling continuously and fell 0.2% to its lowest point since 25 February. After the release of the poor U.S. non-farm agricultural employment data last Friday, U.S. Treasury yields fell sharply, driving the U.S. dollar index to fall under pressure. However, the slight increase in the yield of government bonds on Monday and the successive easing of COVID-19 restrictions placed on European areas have limited the increase of gold price. As a result, gold price fell back as it meets obstacles after its sharp increase. There is still some room for gold price to reach the important resistance level in the upper 1860 area, although its price has been under obvious pressure for two consecutive trading days. Investors can wait for the low and there are many opportunities after the gold price become stabilized.
Technical Analysis
As the reminder I posted yesterday, trends from Tuesday to Thursday would be the opposite of the trend on Monday, therefore, it we are bullish on gold price this week, in the European market or even the U.S. market yesterday, gold price would pull back firstly. Looking through yesterday’s trend, it could be seen that the wave of gold price back-testing support callback has not ended yet. Today’s trend would continue the callback of yesterday and continue to explore the area around the bottom of the first support level 1818-1825. Then, after stepping back, if the gold price becoming stabilized, gold price would continue to rise above the 1850 area. In addition, on the technical side, the daily level closed an inverted hammer, and the upward momentum has weakened compared with the previous two days. The upper part is suppressed by the 200-day moving average. The MACD upward action tend to increase, the RSI is approaching the overbought zone. In the 4-hour chart, the price fluctuates at a high level, the upward momentum on MACD weakens, and RSI is still running in the overbought range, so today the idea of operating is short selling on higher price.
Today’s strategy
Short position set sell limit at 1838-1842, with take profit at 1825-1828, and stop loss at 1848
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