XAUUSD: Market Analysis and Strategy for May 21Gold technical analysis
Daily chart resistance 3350-3400, support below 3284
Four-hour chart resistance 3350, support below 3284
One-hour chart resistance 3350, support below 3290
Gold news analysis: On Tuesday (May 20), international gold prices rose sharply during the U.S. market, supported by the weakening of the U.S. dollar. Although the market cautiously paid attention to the latest progress of the Russian-Ukrainian peace talks and the U.S. tariff policy, the risk aversion sentiment has cooled down, but the atmosphere of uncertainty is still strong. The decline in the U.S. dollar index makes gold denominated in U.S. dollars more attractive to holders of other currencies. The main focus of the gold market today is on the optimistic expectations of the trade relationship between the United States and China, and the development of the ceasefire negotiations between Russia and Ukraine. Investors seem to have mostly ignored Moody's downgrade of the U.S. credit rating. Although the increase in risk appetite has suppressed gold prices, the continued uncertainty still supports gold prices.
Gold operation suggestions: From the current trend analysis, the support below focuses on the 3284 level support, and the pressure above focuses on the suppression near the 3350 level at the four-hour level. The short-term long and short strength dividing line is at 3284. If the daily level stabilizes above this position, continue to buy at a low level. The next target is 3400.
Buy: 3300near SL: 3295
Buy: 3284near SL: 3280
