Gold trade analysis
Updated
On May 30, the price of gold (2353.87, -10.23, -0.43%) fell nearly 1% on Wednesday to close at $2,337.88 per ounce. The U.S. dollar strengthened to a two-week high, U.S. Treasury bond yields rose to a four-week high and hawkish statements from Federal Reserve officials dampen market sentiment. Market focus turns to the release of U.S. inflation data later this week. The U.S. dollar index rose 0.49% on Wednesday, hitting an intraday high of 105.19, a new high since May 14, making gold more expensive for investors holding other currencies. The market is watching the U.S. core personal expenditures (PCE) price index report due out on Friday for more clues on the timing and scale of interest rate cuts. PCE is the Fed's favored inflation measure.
In the short term, the rebound in gold prices has ended. H4 has once again entered a short-selling and heavy-volume trend, and fell in the early morning. Then the high in the early morning will be the dividing line between strength and weakness during the day, that is, if 2344 is not broken, the gold price will be extremely weak. If it breaks above, just watch the shock. , the Asian market opened directly down in the morning, there is no need to chase, everyone can wait for 2337-39 to go short, add positions to 2344, defend 2349, and look at 2325-20. The focus is still on the strength of the European market. If the European market is strong, the U.S. market will rise first and then fall. If the European market is weak, just continue to be short after the rebound before the U.S. market.
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