Macro Analysis for GOLD
Hello everyone! Today I want to share some macro analysis with u! Hope it can help you!
1.
$XAU/USD(XAUUSD.FOREX)$ is near 2433 and has bottomed successfully with the 3rd wave of the yearly bull market on the horizon! New highs will continue to be made! The US market is expected to correct, but it won't stop the upward momentum in gold!
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2.
$Gold - main 2406(GCmain)$ Last trading day Monday (May 20): international gold / London gold biased oscillatory high back down to close up, there is a certain rebound top to be retracement of the expected signals, but the overall trend of the momentum is still strong, so the retracement space is also expected to be limited, the following in the retracement of the touch at all levels of the mean support, can still be bullish rebound.
Outlook today Tuesday (May 21): international gold opening by yesterday's retracement pressure, the first performance weakened, the dollar index opened with some strong, it is the pressure on its gold prices;
On the whole, the dollar index short-term trend is still biased towards recovery or shock run, will limit the gold price momentum or its pressure, its weekly chart is also supported by the middle rail line, failed to fall below the rising trend line, but also make its market has a certain bullish prospects for a rebound, but the bulls failed to turn strong, can only be said to be temporarily stop, such as the trend broke the middle rail support, will increase the market fell again space and strength, and support the price of gold! Once again strong climb, but such as back above the 10-week average, will enhance the bullish demand, so that its gold prices to maintain high consolidation to be expected to fall back to the development.
No focus on data during the day, will still pay attention to the Fed and other officials' speeches, there will be the U.S. Treasury Secretary Yellen, ECB President Lagarde, German Finance Minister Lindner spoke. Fed Governor Waller spoke on the U.S. economy. Fed Governor Barr takes part in a fireside chat. There will be significant volatility in the gold price.
Initial intraday point references: XAUUSD Gold: Above focus on resistance near 2431, and resistance near 2441; below focus on support near 2419, and support near 2413;
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