XAUUSD fell on Thursday (May 22), ending a three-day winning streak and continued to decline slightly in early Asian trading today (May 23), mainly due to a recovery in the US dollar and profit-taking by investors after gold prices hit a two-week high. However, the outlook for gold prices remains positive due to geopolitical conflicts. Sources revealed that Israel is preparing to attack Iran's nuclear facilities if negotiations between Iran and the United States fail. Readers can review these specific news in previous editions or regular short updates.
Data released by S&P Global on Thursday showed that the preliminary reading of the U.S. manufacturing Purchasing Managers' Index (PMI) rose to 52.3 in May from 50.2 in April, beating expectations of 50.1. The preliminary U.S. services PMI rose to 52.3 in May, compared to both the previous and expected readings of 50.8. Initial jobless claims in the United States were 227,000 in the week ending May 17, down from 229,000 in the previous week and below expectations of 230,000, suggesting the labor market remains solid.
The US House of Representatives passed President Trump's "big and beautiful" tax reform proposal on Thursday. According to the Congressional Budget Office (CBO), the proposal would increase US debt by $3.8 trillion over the next decade to $36.2 trillion.
Gold is often seen as a store of value during times of political and financial uncertainty.
Technical Outlook Analysis
XAUUSD Although gold fell yesterday, its current position still has enough conditions to increase towards the target at $3,371, which is the price point of the 0.236% Fibonacci retracement.
The nearest support to watch is the confluence of the 0.382% Fibonacci retracement with the 21-day moving average (EMA21), and even if gold falls short-term below this confluence, it can still increase with the following supports at $3,250, followed by the 0.50% Fibonacci retracement.
The relative strength index (RSI) remains above 50, which is a positive signal for the bullish momentum.
For the day, the technical outlook for gold is tilted to the upside and the points to watch are listed as follows.
Support: $3,300 – $3,292
Resistance: $3,371
SELL XAUUSD PRICE 3367 - 3365⚡️
↠↠ Stop Loss 3371
→Take Profit 1 3359
↨
→Take Profit 2 3353
BUY XAUUSD PRICE 3274 - 3276⚡️
↠↠ Stop Loss 3270
→Take Profit 1 3282
↨
→Take Profit 2 3288
Note
Gold price continues to increase strongly to nearly 3,330 USD/ozNote
![GOLD MARKET ANALYSIS AND COMMENTARY - [May 26 - May 30]](https://tradingview.sweetlogin.com/proxy-s3/i/IYfYtLR9_mid.png)
Note
* World gold prices turned around and increased sharply after Mr. Trump threatened to impose new import taxes.Note
Gold prices fluctuate around 3,330 USD/ozNote
Spot gold prices continued to fall, down $5 in the short term to $3,340 an ounce.Note
Gold continues to weaken to 3,285 USD/ozNote
Gold prices suddenly plummeted early on May 28, falling to $3,285.25/ounce due to the temporary easing of US-EU trade tensions after Trump delayed imposing a 50% tax, causing demand for safe havens to decline.Note
🔴Spot gold prices fell below $3,290/ounce, down 0.30% on the day.Note
Gold price recovers slightly to above 3,270 USD/oz
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🔰| Forex trading
🧩Get an average of 1200 pips per month
🧩Consulting on Risk Management
🧩Account management
🧩Forex signals have a high win rate
🚨🚨🚨FREE SIGNALS: t.me/+8q3AxDD9CsRjYzI1
🧩Get an average of 1200 pips per month
🧩Consulting on Risk Management
🧩Account management
🧩Forex signals have a high win rate
🚨🚨🚨FREE SIGNALS: t.me/+8q3AxDD9CsRjYzI1
Related publications
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.