On Wednesday (May 8), spot gold maintained a strong intraday rebound trend. The price of gold once exceeded the US$2,320/ounce mark during the day, hitting a low of US$2,303.59/ounce.
The strength of the U.S. dollar index was an important factor in the decline in gold prices. Normally, a stronger U.S. dollar would put pressure on gold, which is priced in U.S. dollars.
Because gold becomes more expensive for investors holding other currencies.
Analysis of gold technology prospects
Gold prices have not shown any strong trends since yesterday and remain below $2,325.90 per ounce.
Therefore, the corrective bearish scenario remains valid, with the next target located at $2,260.60 per ounce.
The 50-period EMA forms continued bearish pressure, which supports expectations of a decline in gold prices. It should be pointed out that if the gold price exceeds 2325.90 US dollars per ounce,
This would push gold prices to begin a recovery attempt and return to the main bullish trend, in which case gold prices are expected to first rise towards $2360.00 per ounce,
The uptrend could even extend to $2,430.00 per ounce.
Gold prices will trade today between the support level of $2,290.00 per ounce and the resistance level of $2,330.00 per ounce.
At 20:30 Hong Kong time, spot gold was trading at $2,316.76 per ounce.
Author: Zhou Tong (analyst) 08-05-2024
#The above are only the author’s personal opinions and have nothing to do with the company’s position.
Warm reminder from Hongfeng Gold: The strategic suggestions are for reference only. There are risks in entering the market, so investment needs to be cautious.