According to the latest market data (as of the time of writing, May 24, 2024), the international spot gold price has declined, reflecting some subtle changes in the current market. On one hand, the dollar remains weak, and U.S. stock index futures are down, which has provided some support for gold prices. However, on the other hand, the rebound momentum has significantly weakened, possibly due to rising expectations of a rate hike by the European Central Bank in July and the Reserve Bank of New Zealand expected to raise rates on Wednesday, increasing the opportunity cost of holding gold. In addition, the Federal Reserve minutes to be released this week are expected to further reinforce rate hike expectations, causing some caution among gold bulls.
Today's Spot Gold Strategy:
- Wait and See: Given the current market uncertainty, short-term operations are advised to adopt a wait-and-see approach. Wait for the market to become clearer before making specific trading decisions.
- Operate Cautiously: For aggressive traders, consider cautiously shorting at high levels or buying cautiously at low levels. Regardless of the operation chosen, it is essential to strictly control risk and avoid over-trading.
Technical Analysis:
From a technical perspective, pay attention to the support near the 10-day moving average. If gold prices fall below this level, it could increase the risk of a return to the downtrend. There is also some support around the 5-day moving average, while the 200-day moving average support is currently at another level. The specific resistance and support levels may change due to market fluctuations, so it is crucial to closely monitor market dynamics.
Please note that the above analysis and strategies are for reference only. Specific trading decisions should be based on individual risk tolerance and market conditions. It is imperative to remain cautious and rational in the investment process.
