#Gate广场五月交易分享 Gold's upward movement is completely restricted!

News: On Friday (May 15th) during the Asia-Europe session, spot gold quickly declined by 1.85%, trading around 4566. International oil prices slightly rose, with WTI crude up about 2% and Brent crude up about 1%. As the U.S. concludes its state visit to China, a wave of positive market reactions has been realized globally, including Korea’s stock market triggering a circuit breaker. The rapid contraction of risk appetite has caused precious metals to move downward along with global equity markets. Meanwhile, on the geopolitical front, Iran is unable to sell oil through the strait. Although the U.S. has withdrawn some long-serving aircraft carriers, there are still two carriers operating alongside the UK and French fleets, planning to maintain a long-term blockade of Iran’s shadow fleet. The Federal Reserve’s interest rate path also indicates a decreased expectation of rate cuts, which is unfavorable for precious metals.

Technical: On the daily chart, gold has maintained a high-level wide-range oscillation for a long time, repeatedly attempting to break previous highs but failing to do so, with bullish momentum continuously weakening. Today’s daily candle is a solid medium-dark bearish candle, with the price officially breaking below the middle Bollinger Band support on the daily chart, breaking the recent upward consolidation rhythm, clearly signaling a phase of stagnation and pullback. Gold prices have recently declined during intraday trading, confirming a break below a smaller upward trendline in the short term. This technical signal indicates increased selling pressure, weakening the previously positive momentum supporting the price trend. As gold prices fall, they also break below the 50-period simple moving average, increasing negative pressure on gold and raising the possibility of further decline in the near future. Meanwhile, despite reaching severely oversold levels, the Relative Strength Index (RSI) continues to send negative signals, reflecting ongoing dominance by sellers. Tonight’s key resistance levels are at $4600/$4636, while support levels are at $4505/$4466.
Gold trading suggestions for tonight: Buy on dips around 4505±3, sell on rebounds around 4595±3, with a stop loss of 15 USD each, and targets of 30/80 USD.

The above is for reference only and does not constitute investment advice!