Analysis of gold news: Spot gold is currently trading around $2,342/ounce during the U.S. market on Thursday (May 30). Gold prices fell nearly 1% on Wednesday, closing at $2,337.88/ounce. The strengthening of the U.S. dollar to a two-week high, the rise in U.S. Treasury yields to a four-week high, and the hawkish remarks of Fed officials hit market sentiment. The market focus has shifted to the release of U.S. inflation data later this week. From a technical perspective, gold prices face the risk of falling below the 2,300 mark in the future. The U.S. dollar index rebounded slightly. In addition, the recent remarks of Fed officials are also quite hawkish. U.S. Treasury yields continue to climb. Therefore, these unfavorable factors have put great pressure on the market, and spot gold has fallen nearly $25, closing below $2,340/ounce. Analysts pointed out that the surge in U.S. Treasury yields has become the main reason for the sharp drop in gold prices. In addition, the strengthening of the U.S. dollar has also hit the trend of gold. On Wednesday, gold prices plummeted against the backdrop of rising U.S. Treasury yields. In addition, the hawkish remarks of Fed officials have boosted demand for the U.S. dollar, which has also hit gold prices. Traders are watching the U.S. core personal expenditures (PCE) price index report to be released on Friday for more clues on the timing and size of rate cuts. PCE is the inflation indicator favored by the Federal Reserve. It should be noted that the monthly employment report and consumer price inflation report to be released next month may drive market direction in the short term. The Consumer Price Index (CPI) for May will be released on June 12, and the Federal Reserve will release its latest economic and interest rate forecasts at the end of its policy meeting on June 11-12.
Overall, today's gold short-term focus is on the 2355-2360 line of resistance, and the short-term focus below is on the 2330-2325 line of support.
Overall, today's gold short-term focus is on the 2355-2360 line of resistance, and the short-term focus below is on the 2330-2325 line of support.
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It is still fluctuating at the moment, waiting for today's US PCE price index, which will most likely fall.Trade active
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The US will release the PCE price index in ten minutes.Trade active
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The profit this week reached 260%, which is a very generous profit. If you want to synchronize my transaction, you can contact me and I will help you.Trade active
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This week's planned profit is still above 200%. If you want to join, please contact us.Trade active
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This week's planned profit is still above 200%. If you want to join, please contact us.Trade active
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The US will release unemployment benefits data in ten minutes.Trade active
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Today, gold continues to be short-selling, 2300-2305 short orders are entered, and the 2280 area is concerned belowTrade active
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It is recommended to treat gold with a volatile mindset today. The upper pressure is at $2,314. A break above this level may lead to a short-term rebound. Continue to pay attention to $2,328. The lower support is at $2,297. A loss here may increase the short-term decline. Continue to pay attention to $2,286 and $2,277.Trade active
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Today, both long and short positions have made profits, which is a very good profit. If you see my analysis and follow it, you will also make a good profit at this time. If you want to get a trading plan, you can contact meTrade active
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Profit is the only purpose of our entry into the market, so don't waste your opportunities, if your transaction is not going your way, you can contact me as soon as possible.Trade active
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.