Information summary:
Yesterday morning, gold prices soared due to the impact of international news, hitting an intraday high of $3,253.
On Friday, Asian time, gold suddenly fell rapidly in the short term, and the price of gold currently fell to around $3,215/ounce, a sharp drop of nearly $28 in the day.
Gold price targets higher, but the bullish potential is limited in the short term. The focus will be on the preliminary value of the University of Michigan Consumer Confidence Index in May.
Technical analysis:
Looking at the daily chart, gold prices rose on Thursday, but both the high and low points of the day moved down from the previous trading day. On the other hand, the 20-day moving average eased down to around $3,305/ounce, while the 100-day and 200-day moving averages maintained an upward tilt at a level far below the current gold price. Finally, the trend of technical indicators is upward, but it is still below the previous intraday high and in the negative range, which shows that buyer sentiment is not very high.
The short-term trend shows that gold buyers still lack full confidence.
You need to pay attention to the important support and resistance levels:
Support level: $3,200; $3,175; $3,160.
Resistance level: $3,230; $3,245.
Operation strategy:
Buy around $3,200, stop loss at $3,190, and profit range at $3,250-3,280.
Yesterday morning, gold prices soared due to the impact of international news, hitting an intraday high of $3,253.
On Friday, Asian time, gold suddenly fell rapidly in the short term, and the price of gold currently fell to around $3,215/ounce, a sharp drop of nearly $28 in the day.
Gold price targets higher, but the bullish potential is limited in the short term. The focus will be on the preliminary value of the University of Michigan Consumer Confidence Index in May.
Technical analysis:
Looking at the daily chart, gold prices rose on Thursday, but both the high and low points of the day moved down from the previous trading day. On the other hand, the 20-day moving average eased down to around $3,305/ounce, while the 100-day and 200-day moving averages maintained an upward tilt at a level far below the current gold price. Finally, the trend of technical indicators is upward, but it is still below the previous intraday high and in the negative range, which shows that buyer sentiment is not very high.
The short-term trend shows that gold buyers still lack full confidence.
You need to pay attention to the important support and resistance levels:
Support level: $3,200; $3,175; $3,160.
Resistance level: $3,230; $3,245.
Operation strategy:
Buy around $3,200, stop loss at $3,190, and profit range at $3,250-3,280.
Disclaimer
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.
Disclaimer
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.