24K99 News Friday (May 24) Gold price The short-term rebound of Georgia hit $2340. The Israeli army approached the Shabula camp in Rafah, and the four axis aircraft was hovering over the European Gaza Hospital. The power failure of the Al Aqsa Hospital in Deir Barah District of Gaza caused patients to wait for death. Looking ahead, the market needs to be cautious of the speech of Federal Reserve official Waller, and hawkish signals will hinder the progress of precious metals.
According to the Wafa News Agency, Israeli military vehicles are currently driving from the east of Rafah to the central area, reaching the edge of the Shabula refugee camp, where the sound of rockets and artillery can be heard.
It is said that, on the outskirts of Rafah, Israeli four axis aircraft are circling over the European Gaza Hospital, which is the largest operating hospital in southern Gaza.
Earlier, foreign media reported that more Israeli military vehicles had also driven to the densely populated Ibna district in western Rafah.
It is reported that Israel's military attack on Zawaida in central Gaza has killed at least two people. In northern Gaza, the Israeli army carried out more air strikes and shelling, attacking the Faruja area of the Jabaliya refugee camp and the nearby Fakura area.
The Al Aqsa Hospital in Dar Barakh District of Gaza was overcrowded, and the power failure led to "the patient was sentenced to death". The medical director of the hospital, Yiad Jabuli, said that more than 4000 liters of fuel were needed every day to continue operation and take care of patients in medical institutions. Now, because the generator was shut down, the medical institutions were in darkness.
He said: "Without fuel to drive the generator, without electricity, all patients will be executed."
Despite the strength of the US dollar, gold prices recovered some losses on Friday. However, due to the weakening expectation of the Federal Reserve's interest rate cut in September, the upside of gold may be limited.
The geopolitical tensions in the Middle East may still support the gold price, as the inflow of safe haven funds increases in the case of increased uncertainty.
The recent US economic data is mixed, affecting the gold price forecast. As of the week of May 18, the number of people applying for unemployment benefits for the first time decreased by 8000 to 215000, exceeding the expected 220000 and 223000 in the previous week.
In addition, the US S&P global manufacturing PMI rose from 50.0 in April to 50.9 in May, and the service PMI rose from 51.3 to 54.8, both exceeding market expectations. The comprehensive PMI jumped from 51.3 to 54.4, the highest level since April 2022.
Gold investors are paying close attention to the statement of Federal Reserve officials to find further clues. Federal Reserve official Waller will deliver a speech on Friday, and the tough words of policy makers may put pressure on gold. Higher interest rates usually increase the opportunity cost of holding gold and other unprofitable assets, thus damaging the gold price.
In addition, the upcoming release of US durable goods orders and Michigan consumer confidence index will also provide further direction for gold prices.
In the first quarter of 2024, China's private sector imported 543 tons of gold, and the People's Bank of China increased 189 tons of gold reserves in the same period.
In addition, as high prices encourage retail customers to exchange old jewelry for new products, India, the world's second largest gold consumer, may see its gold imports decline by about 20% in 2024.
In the short term outlook, the gold price may face resistance of $2351.20 and support of $2311.15. Higher interest rates and geopolitical tensions may affect short-term trends, indicating a cautiously bullish outlook.
Technical analysis of gold
FXEmpire analysts said that the gold 4-hour chart highlighted the pivot point of $2325.88, which is the key level to determine the direction of the trend. The immediate resistance levels are at $2351.20, $2370.07 and $2393.84, which may hinder further gains.
In the downward direction, the immediate support is at $2311.15, and other support is at $2294.61 and $2277.29.
The 50 day index moving average (EMA) was $2376.89, and the 200 day EMA was $2364.39. The current price is lower than the two average levels, indicating a cautious bullish outlook.
To sum up, as long as the gold price remains above the pivot point of $2325.88, the outlook is still bullish. However, falling below this level may trigger great selling pressure.
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