In the Asian market on Friday (May 24), spot gold fluctuated slightly and is currently trading near 2329.70 dollars/ounce. Spot gold fell by $50, Gold price The previous trading day saw a sharp drop of $42.
Analysts pointed out that the strong US data and the previous hawkish Federal Reserve meeting minutes stimulated the continuous strengthening of the US dollar, which put downward pressure on gold prices. Valencia wrote that on Thursday, the price of gold fell for the third day in a row, hitting a weekly low. The economic data released by the United States stimulated the soaring yield of US treasury bonds and boosted the US dollar. This hit the hopes of the Federal Reserve to cut interest rates. According to data from the Chicago Board of Trade (CBOT), investors expect that by the end of 2024, the Federal Reserve will only cut interest rates by 27 basis points.
The golden daily line is continuously closed with large negative pole. Gold 4-hour chart, Brin belt opening running downward. The downward released energy of MACD kinetic energy index shows signs of reduction. KDJ operation index is operated in the oversold area below. One hour chart of gold shows that the overall trend of the Brin belt is downward, and the gold price runs between the section near the middle track 2347 of the Brin belt and the section near the lower track 2318 of the Brin belt. At present, KDJ index runs in the oversold area below. At present, the white market needs sufficient market support to rebound.
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