14/05 Spot Gold Price Analysis
Fundamental Analysis
On 13 May, the U.S. dollar fluctuated slightly and stayed near this week’s high. The market weighed the risks of economic reopening and lasting longer. The increase in U.S. 10-year treasury yields put pressure on the U.S. dollar index, and the U.S. index fell back after reaching the resistance level. Tai Wong, Head of Metal Derivatives Trading of BMO Capital Market, said that although the PPI growth rate was higher than expected, this situation was completely expected after yesterday’s CPI data. People are relieved, and U.S. treasury yields and dollar index fell, which boosted gold. In addition, the road to a full recovery of the global economy may not be smooth, many countries with higher inflation rates may promote the throughput of gold in the region of hedge demand.
Technical Analysis
After gold price breaking the 1822-25 Fibonacci retracement level 23.6 yesterday, testing the 38.2 retracement level near 1807, we took the advantage of the trend and took the profit. Now the price is back above 23.6. If the price can hold 23.6 retracement level, the price will continue to look around 1840.
In the 4-hour level chart, gold also stepped back on the 23.6 position 1806-1808. Therefore, today’s price is bullish.
Today’s strategy
Strategy 1: long position at 1820-1822, take profit 1830-40, stop loss 1816
Strategy 2: short position at 1840-1842, take profit 1825, stop loss 1847
Strategy 3: long position 1808, take profit 1820, stop loss 1800.
On 13 May, the U.S. dollar fluctuated slightly and stayed near this week’s high. The market weighed the risks of economic reopening and lasting longer. The increase in U.S. 10-year treasury yields put pressure on the U.S. dollar index, and the U.S. index fell back after reaching the resistance level. Tai Wong, Head of Metal Derivatives Trading of BMO Capital Market, said that although the PPI growth rate was higher than expected, this situation was completely expected after yesterday’s CPI data. People are relieved, and U.S. treasury yields and dollar index fell, which boosted gold. In addition, the road to a full recovery of the global economy may not be smooth, many countries with higher inflation rates may promote the throughput of gold in the region of hedge demand.
Technical Analysis
After gold price breaking the 1822-25 Fibonacci retracement level 23.6 yesterday, testing the 38.2 retracement level near 1807, we took the advantage of the trend and took the profit. Now the price is back above 23.6. If the price can hold 23.6 retracement level, the price will continue to look around 1840.
In the 4-hour level chart, gold also stepped back on the 23.6 position 1806-1808. Therefore, today’s price is bullish.
Today’s strategy
Strategy 1: long position at 1820-1822, take profit 1830-40, stop loss 1816
Strategy 2: short position at 1840-1842, take profit 1825, stop loss 1847
Strategy 3: long position 1808, take profit 1820, stop loss 1800.
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