On May 15, international spot gold opened with initial narrow fluctuations. Although selling pressure eased slightly in early trading, the price faces resistance from multiple moving averages overhead. Crude oil remains above its medium-term moving average, with buyers holding the advantage. The US dollar has moved back above its 200-day moving average, showing short-term strength. Overall, these factors are expected to exert pressure on gold prices, leading to continued weak downward adjustments. Therefore, the trading strategy will continue to favor selling on rallies.
During the day, attention can be given to data such as the US May New York Empire State Manufacturing Index and the US April Industrial Production Month-on-Month rate. Market expectations are mixed, but based on this week's data and yesterday's market performance, the price action is anticipated to be primarily characterized by weak, fluctuating declines.
From a daily chart perspective, after encountering resistance at the 100-day moving average, gold prices have continued to decline. The price has now fallen below the short-term moving averages and the medium-term moving average again, indicating increased selling pressure. In the short term, there is potential for a decline to test the $4,600 level or the area around $4,510. On the upside, resistance from various moving averages can be watched for potential selling opportunities.
Preliminary trading level ideas for the day are for reference only. Specific entry and exit points should be determined based on real-time market conditions.
For gold, selling on resistance or upon signs of weakness is suggested. Levels to watch include $4,680 and $4,690. The overall strategy would be to look for a pullback in gold prices below $4,690. If the price breaks below $4,638 in the morning session, attention can be paid to potential direct short opportunities during a weak period in the early afternoon, between 1:00 PM and 3:00 PM.
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