🔥Gold Trend Analysis May 8✅

アップデート済

Gold showed weakness immediately after the opening yesterday. Although the European market rebounded slightly, the US market once again shot up to around 2323 and then began to fall back to around 2307. Although there is another upward move this morning, bears are still expected to fall. Considering that the overall trend in the early stage is weak, the morning rebound is often a signal for short selling.

The 4-hour trend is currently a rectangular shock consolidation in the mid-term decline. Gold prices have been in a downward trend channel since mid-April. The RSI indicator remains below its 50 midline, showing the bearish sentiment towards gold.

The current rebound of gold is blocked at 2321, failing to break through the downward trend line and beginning to come under pressure. The half-hour chart shows a downward trend, the rebound has encountered resistance, and the highs have begun to fall back under pressure. The downward trend line resistance has dropped to around 2323, and below this is a short-selling opportunity. Short positions can be considered near 2320-2323. The U.S. market can be seen as weakly supported near 2290, and attention will be paid to whether the U.S. market can break through 2300.

Comprehensive analysis, today's short-term gold operation advice is mainly to go short on rebounds, supplemented by long orders on callbacks. The top focus is on the resistance range of 2320-2323, and the bottom focus is on the support range of 2281-2277.

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Later today, speeches from Federal Reserve officials Jefferson, Collins and Cook may boost the dollar and further pressure gold prices. Among them, the remarks of Jefferson, the "second in command" of the Federal Reserve, received the most attention and are expected to trigger market fluctuations. U.S. inflation will continue to slow as interest rates remain at current levels, but continued price pressures will keep borrowing costs high for longer. Jefferson said that despite considerable progress in lowering inflation, the Fed's task of sustainably restoring inflation to 2% is "not yet complete." The market is widely expected that hawkish remarks from Federal Reserve policymakers will support the dollar exchange rate, which will be negative for the gold market.

With the Federal Reserve's monetary policy adjustments and global economic uncertainty, gold prices may experience volatility. Institutional analysts believe that although gold prices may be under pressure in the short term, in the long term, gold still has investment value due to its safe-haven properties and the support of central bank buying needs.

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Gold daily level: Yesterday, it stepped back on the short-term moving average on the 5th and 10th and has not stabilized. The rebound momentum is insufficient and may continue to be suppressed by the mid-track and weaken. Recently, gold has been oscillating in the range of 2330-2280, and the overall trend has been revised downward, forming a range of 2332-2277. Although there is a golden cross on the stochastic indicator, it is not strong enough, forming a sideways anti-falling trend. 2280 is the watershed of the trend.

Hourly level: After falling sharply in the morning, it rose in the afternoon, forming a range sweep. The key pressure is at the 2322 line, and the support level is in the range of 2305-2300. The operation recommendation is to focus on rebounding and shorting, followed by longing after the pullback.

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📊SUMMARY SIGNAL GOLD TODAY (May 8, 2024)

🎯Buy Gold: 2304-2307
SL 2300 TP 2316+110pips✅

🎯Sell Gold: 2314-2317
SL 2323 TP 2307 +100pips✅

🎯Sell Gold: 2318-2321
SL 2325 TP 2313 +80pips✅

💟3signals: 3win
💟Total profit: +290PIPS

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Gold Trading Strategies Reference

🎯Strategy 1: Go short when gold rebounds to around 2318-2320, stop loss 6 points, target around 2310-2300, break the position and look at the 2290 line✅

🎯Strategy 2: Go long when gold pulls back to around 2290-2293, stop loss by 6 points, target around 2300-2310, and look at the 2320 line if the position is broken✅

ノート

In early trading in the European market on Thursday (May 9), spot gold suddenly declined significantly in the short term. The price of gold just fell below the $2,310/ounce mark, down $10 from the intraday high. The U.S. dollar index continues to rebound in the short term and is currently located near 105.65. A stronger dollar is not good for gold prices, and gold traders are waiting for some new catalysts. U.S. initial jobless claims will be released on Thursday. In addition, San Francisco Fed President Mary Daly, one of the dovish Fed officials, will speak later on Thursday. Dovish comments from Federal Reserve officials may limit gold's downside for the time being.

In recent weeks, as there are signs that the Middle East is emerging from potential strife, the Federal Reserve has continued to reduce its expectations and frequency of interest rate cuts, and may start to raise interest rates again, which has led to a decline in the attractiveness of gold prices, resulting in a peak and retreat. At the same time, this week Boston Fed President Collins also said that the economy may need to cool down to achieve the 2% inflation target. This suggests that high interest rates will persist for a longer period, which will continue to limit gold price bulls. The daily chart of the 10-year U.S. bond yield is in the stage of stopping falling and recovering, the weekly chart maintains an upward trend, and the monthly chart still has a bullish outlook. Therefore, the support for gold prices is limited. At the same time, the Dow Jones Index is once again in a strong rebound stage and is expected to set a new high again. , will also cause negative pressure on gold prices. The day will focus on the Bank of England's announcement of interest rate resolutions, meeting minutes and monetary policy reports, as well as the Bank of England Governor Bailey's monetary policy press conference. There are also data such as the number of initial jobless claims in the United States in the week to May 4. The previous value is expected to keep interest rates unchanged, but it will strengthen expectations of an interest rate cut within the year, which will boost the U.S. dollar index and suppress gold prices. The latter's request data at the beginning of the week is expected to increase, which will be positive for gold prices. Therefore, the intraday gold price trend is still biased towards a volatile market.