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The dollar falls to boost gold prices, bulls may usher in the dawn
2022-05-20
999
A brief analysis of the fundamentals:
On Thursday (May 19), investors' concerns about a recession intensified, and the dollar fell the most since November 2020. Gold prices rebounded slightly and closed at $1,842.27 an ounce. As the market digests the Fed's interest rate hike expectations, the price of gold is gradually "desensitized" to the hawkish statements of the Fed's top executives. If the dollar falls later, the price of gold may usher in the dawn of a rebound.
Spot Gold XAU 4-hour chart
A brief technical analysis:
Looking at the 4-hour chart, the gold price rebounded slightly after the low volatility. In the short-term, there are signs of recovery. The moving average system is flat. 1840 has become a watershed between long and short. The MACD red column has increased, and the RSI indicator has flattened.
Long and short turning point: 1840.00
Resistance: 1865.00 1890.00
Support: 1815.00 1790.00
Trading strategy: bullish above 1840.00, target 1865.00 1890.00
Alternative strategy: bearish below 1840.00, target 1815.00 1790.00
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