May 23rd Forecast for Next Week:


Gold price trend remains weak, likely to continue downward next week.

On Friday, gold prices fluctuated and weakened, briefly breaking below 4500 before rebounding slightly, closing just above this level. Currently, the market is trading sideways at a low level, waiting for a direction to be decided.

Disagreements are intense in US-Iran negotiations, and the US may be preparing for a new round of military actions. Coupled with rising expectations of a rate hike in Europe in June, the Federal Reserve's policy stance is gradually tightening. Multiple positive factors are pushing oil prices higher, while gold and silver prices are under significant pressure.

The strategy remains to follow the trend and stay bearish. Next week, watch for a rebound around the 4525-4535 resistance zone, with a stop-loss set at 4550. The lower target is around the support area of 4440-4450.

Suggestion: Short near 525-530, stop-loss at 4550, take profit at 4480/4450.

The above suggestions are for reference only and are not to be used as trading basis. Investment involves risks; please trade cautiously.
GLDX-0.36%
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