Wednesday (May 15) Gold prices rose on Wednesday as the US dollar weakened, and the gold price is currently around $2,380 an ounce.
In addition, growing demand for gold and geopolitical tensions also pushed up prices of precious metals.
The latest technical analysis of gold
Looking at the gold four-hour chart, gold maintains its positive stance as prices remain above the key 100-period exponential moving average (EMA).
The 14-day relative strength index (RSI) is in the bullish zone of 60.70, suggesting that the path of least resistance for gold prices is to the upside.
On the upside, if gold gets follow-through buying and breaks above the May 10 high of $2,378 an ounce, it could clear the way for a rebound to the next major resistance level near the psychological level of $2,400 an ounce.
Once gold prices decisively break through $2,400 an ounce, they will target their all-time high near $2,432 an ounce and move towards the $2,500 an ounce mark.
On the downside, key support for gold prices will appear in the $2325-2330/oz area, representing the lower limit of the downward trend channel, the 100-period EMA and the May 13 low.
If the above area is lost, the price of gold will fall to $2,300 an ounce, followed by the May 2 low of $2,281 an ounce.
At 23:30 Hong Kong time, spot gold was quoted at US$2,380.96 per ounce.
Author: Zhou Tong (Analyst) 15-05-2024
#The above is only the author’s personal opinion and has nothing to do with the company’s position.
Hongfeng Gold Industry reminds you: Strategic suggestions are for reference only. There are risks in entering the market and you should invest with caution.