🔥Gold returns to slow bullish trend✅

On the daily line, gold recorded a positive column, and the real column successfully crossed the short-period moving average and maintained above the moving average of each period. The overall Bollinger trend remains upward, although it has not yet fully opened its mouth. Observing from short-term indicators, the downward potential energy has shown signs of slowing down, and MACD also has the intention to form a golden cross. If it can be accompanied by an increase in trading volume, this may further increase the strength of multiple parties and prompt gold prices to rise again.

After the previous two days of adjustments, the effectiveness of the support around $2,330 has been basically confirmed. So far, the price of gold has risen steadily to above $2,360, showing a slow bullish upward trend. However, this slow rising trend is often not very strong. Once affected by negative factors, the price may retract very quickly. In the short term, the main resistance faced by gold prices is located at $2,378. If it can effectively break through this resistance, it is expected to further challenge the $2,400 mark.

On the whole, today's short-term gold operation advice is to focus on callbacks and shorts, with the upper short-term focus on the 2378-2380 resistance range and the lower short-term focus on the 2355-2360 support range.

Comment:

In the financial market, the release of economic data can often trigger market fluctuations, especially the CPI (Consumer Price Index) data in the United States. As a key indicator of inflation, CPI data not only affects the Federal Reserve's interest rate decisions, but also has a profound impact on the price trends of the U.S. dollar and gold.

Market expectations for U.S. CPI data: U.S. CPI data for April will be released later, which is also one of the economic data that both the Federal Reserve and the market focus on. The market generally expects that the year-on-year growth of U.S. CPI in April will slow to 3.4% from 3.5% last month, and the year-on-year growth of core CPI is expected to slow to 3.6% from 3.8% in March. This expectation shows that the market believes that inflation is gradually slowing down, which may have an important impact on the path of the Federal Reserve's monetary policy.

The impact of CPI data on the Fed's interest rate path: When the Federal Reserve makes interest rate decisions, inflation data is one of the important factors it considers. If the CPI data shows a slowdown in inflation, it could solidify expectations that the Fed will cut interest rates twice this year. Federal Reserve Chairman Jerome Powell has reiterated that raising interest rates is unlikely to be the Fed's next move, further reinforcing market expectations for a rate cut.

The possible impact of CPI data on the US dollar: The US dollar index is currently quoted at 104.8935, which has been lower for three consecutive trading days. If the CPI data is weak, it may put downward pressure on the dollar, as the market may expect the Federal Reserve to adopt more loose monetary policy. In addition, options traders accumulated bearish bets on the dollar, with the dollar risk reversal index falling below parity for the first time in two months this week, which also reflected the market's cautious attitude towards the dollar.

If the CPI data is in line with or lower than expected, it is expected to hit the dollar and stimulate stronger gold prices. However, if the CPI data unexpectedly rises, it may change the market's expectations for the Fed's policy, thereby supporting the US dollar and putting pressure on gold prices. Investors should pay close attention to the upcoming CPI data and adjust trading strategies based on data analysis results.

Comment:

The price of gold continues to rise today, and the daily trend still maintains a strong and volatile trend along the short-term moving average. The current price has seen some decline when it is close to the previous pressure zone, but the magnitude of the correction is small and the continuity is not obvious. The daily chart has found a certain upward space as expected, but it is necessary to observe today's daily closing situation to confirm the subsequent trend.

Based on current trends, there is still potential for continued gains on the daily chart. If the one-hour line breaks through $2,378, it is expected to further hit $2,400 and even test the previous high. Therefore, aggressive traders can go long on short positions near $2,375

Comment:

Recently, the daily gold line has continued to rise, and the daily line has recovered the previous high of 2378 with a positive line. The price accumulated momentum in the violent seesawing and oscillations. After first rising and then falling, it then dipped and rebounded, and finally broke through at a high level, forming a new upward trend. In terms of news, the U.S. consumer price index rose less than expected in April, and retail sales data were weaker than market expectations, increasing market expectations for the Federal Reserve to cut interest rates, leading to a weakening of the U.S. dollar and a decline in U.S. Treasury yields, thus boosting gold prices to rise sharply. . Looking at the daily line, gold is further approaching the previous high, and the monthly line has also made up for the upper shadow line. There is a possibility of a second high or inertia reaching a new high and then falling back. We need to be wary of the second high drop on the monthly line. Gold is currently performing strongly in the short term.

On the 4-hour chart, after a wave of saw-and-saw fluctuations, gold stood firmly on the middle track of the Bollinger Bands, pushing for further rises, breaking through the high of 2378, and launching a small step-like rise. Using the broken high as a conversion support, today's Asian and European markets are expected to move upward with inertia, possibly approaching the 2400-2410 high point area. The support point is 2375-2378. Combined with the trend of yesterday's Asian market, it rose slowly after the opening. The European market rebounded and confirmed, and the US market reached a new high. This trend is expected to continue today, with the Asian market showing strong performance first and slowly rising to release space. When the Asian market pulls back slightly, you can look for long opportunities near 2375-2378.

On the whole, today's short-term gold operation advice is to focus on longs on callbacks, supplemented by shorts on rebounds. The top short-term focus is on the 2398-2400 first-line resistance, and the bottom short-term focus is on the 2375-2370 first-line support.

Comment:

Judging from the MACD indicator on the 4-hour chart, the peak of the wave moves downward and the red column volume shrinks, but the price breaks through the high point of the previous wave, forming a top divergence state. The market rose to 2397 in the morning, and then retested continuously and returned to the blue channel. It is expected that there will be suppression below the upper rail of the channel 2394, and it will successfully fall back during the European session, forming a continuous negative and single positive pattern, which means that today's bias will fall back and adjust. The corresponding MACD indicator shows a dead cross, the green column is heavy, and the downward trend in the European market indicates that there may be room for a second decline tonight.

Due to the large early increase, it is difficult to make a complete correction in the short term, and there may be shocks in the middle. It is expected that after the second decline, if it stabilizes, it may rise again. In the short term, gold's resistance level is in the 2380-2383 range. If there is pressure here, bearish adjustments will continue. The support levels are near 2370 and 2363, which are backtest confirmation points of the channel line, and the 2350-2352 area needs to pay attention to whether there is a stabilizing rebound signal.