GOLD recovered to EMA21, Middle East situation tense
On the Asian market on Monday (May 27), gold was delivered immediately OANDA:XAUUSD increase rapidly in the short term. Gold price touched 2,347 USD/ounce, setting a session high and increasing strongly by more than 13 USD during the day.
OANDA:XAUUSD The gains were supported by a weaker US Dollar and rising geopolitical risks in the Middle East. Tuesday's speeches by Fed officials Bowman, Mester and Kashkari will be closely watched.
Affected by the Memorial Day/Spring Bank Holiday, US and UK stock markets will be closed for one day on May 27; CME Group's U.S. crude oil futures and precious metals trading will be suspended at 01:30 Hanoi time on May 28.
Gold will get more data from speeches by Fed officials on Tuesday, including those from Bowman, Mester and Kashkari.
The US's first quarter gross domestic product (GDP) released on Thursday will be the focus, with GDP expected to grow 1.5% in the first quarter. Stronger-than-expected data could boost the Dollar and continue to pressure gold, whereas weaker-than-expected data would see gold supported and the Dollar weaker.
In terms of the fundamental picture, gold is receiving some support that could be transformative as the geopolitical situation becomes complicated again. Previous lessons show that every time the geopolitical situation becomes complicated and escalates, gold sets a new all-time peak.
The Israeli army has conducted many air strikes! Killed about 200 people
Early on the morning of May 27 local time, the Gaza Strip Media Office issued a statement saying that in the past 24 hours, the Israeli army conducted 10 attacks on 10 areas in the Gaza Strip such as Jebaliya, Nusayrat, and City. Gaza, and northwestern Rafah. Air strikes targeted evacuation centers run by multiple United Nations agencies, killing a total of about 200 people.
A day earlier, the Qassan Brigades, an armed faction affiliated with Hamas, said it had launched a "massive rocket" attack on Tel Aviv, Israel, in response to the "massacre of civilians by the regime". Zionism".
Analysis of technical prospects for OANDA:XAUUSD
On the daily chart, receiving support from the $2,324 gold level rose quickly to test the $2,345 EMA21 price point which is also the short-term target recovery level sent to you in the weekly publication.
Now, with the geopolitical situation becoming more complicated, once gold breaks out of the 21-day EMA and moves above the 21-day moving average and returns to the trend, it is well placed to continue. Technically bullish with a short-term target then aiming for the 0.236% Fibonacci extension and more to the original price of 2,400USD.
On the other hand, EMA21 is also the nearest resistance, which provides expectations for the possibility of a price decrease with a target level at 2,324USD, more at 2,305USD.
During the day, the technical outlook is still leaning towards the possibility of a price decrease in the case of qualifying for the above increase.
Notable prices are listed below.
Support: 2,324 – 2,305USD
Resistance: 2,384 – 2,400USD
🪙SELL XAUUSD | 2380 - 2378
⚰️SL: 2384
⬆️TP1: 2373
⬆️TP2: 2368
🪙BUY XAUUSD | 2306 - 2308
⚰️SL: 2302
⬆️TP1: 2313
⬆️TP2: 2318