XAUUSD: 6/5 Today’s Analysis and Strategy
Gold OANDA:XAUUSD
ActuaryJ
During the Asian session on Monday, gold fluctuated within a narrow range around 2313. Gold fell to a one-month low on Friday despite weaker-than-expected U.S. jobs data, extending a correction that followed last month's surge as investors took profits and geopolitical risks eased.
Although the employment data reinforced expectations that the Federal Reserve will start cutting interest rates this year, which should support non-yielding gold, it has instead prompted investors to move to riskier assets. Driven by the outbreak of tensions in the Middle East and strong central bank buying, gold prices hit a record high of $2,431 in April. Since then, the safe-haven gold has fallen 5.7%, or about $140.
Investors will pay close attention to speeches from Federal Reserve officials this week, as well as the preliminary University of Michigan consumer confidence index for May to be released on Friday. In addition to speeches by Fed officials and U.S. economic data, investors will continue to pay close attention to developments in the Middle East. If tensions escalate, the resulting safe-haven buying will provide support for gold prices.
Gold Friday's NFP reached the expected value and was significantly bullish. The volatility adjustment range was large, and roller coaster market trends occurred frequently. The daily line closes the negative cross line with a long lower shadow, the price maintains running below the MA10 daily moving average of 2314, the Bollinger Bands middle track is adjusted below, and the RSI indicator is adjusted on the central axis. The short-period four-hour moving average has not increased in volume or opened, the Bollinger Bands have shrunk, and the price has adjusted below the mid-track. The technical side of gold fluctuates and bears a bearish trend, the adjustment range gradually widens, and the long-short wide trend shows high-frequency conversions. The trading range adjustment is large!
Asian market analysis
1H resistance is 2320, support below is 2293
4H resistance is 2326, support below is 2293
Daily resistance is 2326, support below is 2283/2267
Asian market strategy:
BUY:2280~2283 SL:2272
SELL:2317~2320 SL:2325
Asian market strategy NY time is invalid
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