mbaccarat99th| Gold took profit and fell to a one-week low for the third consecutive trading day

Source: Huitong Network

Huitong Financial App News-- Thursday (May 22) US trading sessionMbaccarat99thSpot gold prices fell to an one-week low and the latest Fed minutes showed that interest rates would remain high for a longer period of time. Gold prices took profits and fell for the third consecutive session.

Nitesh Shah, commodities strategist at WisdomTree, said: "We expect investors to continue to buy heavily once prices fall, and we do not expect gold prices to fall by much."

Nitesh Shah added that the next level of support for gold could be $2300 and that the signal that the Fed was prepared to cut interest rates would be the next major catalyst for gold prices to rise.

The number of initial claims for unemployment benefits in the United States fell last week, indicating that the labor market is relatively stable.

First-time claims for state unemployment benefits fell a seasonally adjusted 8000 to 215000 in the week ended May 18, the Labor Department said on Thursday. According to widespread expectations, economists expect the number of applicants to be even higher, at 220000.

The gold market reacted little to the positive labor market data, and the hawkish sentiment reflected in the minutes of the Fed's monetary policy meeting brought to the gold market.Mbaccarat99thThere was strong selling pressure.

The Fed has expressed renewed concern about the continuing threat of inflation. In the minutes of Wednesday's meeting, members of the Federal Open Market Committee (FOMC) said they would take longer than previously expected to be more confident that inflation would continue to move towards 2 per cent.

The minutes also showed that some Fed members said the central bank might be forced to raise interest rates again if inflationary pressures intensify.

Technical analysis: gold falls to key trend line

Gold prices have fallen from the main trend line to support, reflecting the upward trend since February.

Since falling from an all-time high, it may now be on a short-term downward trend, favouring short positions rather than long positions.

(gold 4-hour trend chart)

Gold is now falling back from the trend line, and if it continues to rise, it could rise to a resistance level of $2371, a high on May 16. After that, however, gold prices are likely to fall back and continue to fall along a short-term downward trend.

If gold eventually falls below the trend line, it will be a very bearish sign. This trend could fall to the conservative target of $2305 (down 61% from the previous one).Mbaccarat99th.8 per cent Fibonacci pullback) or all the way down to $2275 (100 per cent of the previous decline).

The deterministic breakthrough will be accompanied by a long positive line, which ends near the low point, or three consecutive positive lines fall below the trend line.

However, the medium-and long-term trend in gold remains bullish, which suggests that the risk of recovery is still high, given the old saying that trends are your friends. The only sign of recovery now is that gold has found support on the main trend line. However, there is no sign that a reversal is taking place.

Breaking through the all-time high of $2450 will confirm the continuation of the upward trend and bounce back to the psychologically important level of the next target of $2500.

23:08 Beijing time, spot gold reported 2344Mbaccarat99th.17 US dollars per ounce, down 1.44%.

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