Gold price today (May 16): Strong increase again
World gold prices increased sharply with spot gold increasing by 27.4 USD to 2,385 USD/ounce. Gold futures last traded at 2,391.8 USD/ounce, up 31.9 USD compared to yesterday morning.
Gold prices rose to their highest level in more than 3 weeks on May 15 (US time) thanks to support from the weakness of the greenback and falling yields after the latest inflation report. Published data showed that the US consumer price index in April increased less than expected, increasing the possibility of interest rate cuts by the US Federal Reserve (Fed). The dollar fell 0.5% to its lowest level in more than a month, making gold more attractive to holders of other currencies. Benchmark 10-year Treasury yields also hit a more than 1-month low.
The CPI rose 0.3% last month after rising 0.4% in March and February, suggesting inflation continued its downward trend at the beginning of the second quarter. This has pushed up financial market expectations of an interest rate cut in September. According to Reuters poll results, economists forecast CPI to increase 0.4% in the month and up 3.4% over the month. with the same period last year.
Technically,
Bullish gold futures have a solid overall near-term technical advantage. Bulls' next upside price objective is to produce a close for June futures above solid resistance at $2,400 an ounce.
Analysis of technical prospects for gold prices
After breaking the $2,366 level yesterday, gold has also confirmed the breakout of the falling price channel and now the target increase could be aimed at the raw price point of $2,400 in the short term and more to the $2,417 level.
In addition, gold also forms an increasing price channel in the short term and this will technically be the trend price channel for gold prices in the near future. As long as gold remains above the EMA21 and within the price channel, the outlook is technically bullish.
During the day, the uptrend in gold prices will be noticed by the following technical levels.
Support: 2,377 – 2,366 - 2352 USD
Resistance: 2,400 – 2417 - 2430 USD
Gold prices rose to their highest level in more than 3 weeks on May 15 (US time) thanks to support from the weakness of the greenback and falling yields after the latest inflation report. Published data showed that the US consumer price index in April increased less than expected, increasing the possibility of interest rate cuts by the US Federal Reserve (Fed). The dollar fell 0.5% to its lowest level in more than a month, making gold more attractive to holders of other currencies. Benchmark 10-year Treasury yields also hit a more than 1-month low.
The CPI rose 0.3% last month after rising 0.4% in March and February, suggesting inflation continued its downward trend at the beginning of the second quarter. This has pushed up financial market expectations of an interest rate cut in September. According to Reuters poll results, economists forecast CPI to increase 0.4% in the month and up 3.4% over the month. with the same period last year.
Technically,
Bullish gold futures have a solid overall near-term technical advantage. Bulls' next upside price objective is to produce a close for June futures above solid resistance at $2,400 an ounce.
Analysis of technical prospects for gold prices
After breaking the $2,366 level yesterday, gold has also confirmed the breakout of the falling price channel and now the target increase could be aimed at the raw price point of $2,400 in the short term and more to the $2,417 level.
In addition, gold also forms an increasing price channel in the short term and this will technically be the trend price channel for gold prices in the near future. As long as gold remains above the EMA21 and within the price channel, the outlook is technically bullish.
During the day, the uptrend in gold prices will be noticed by the following technical levels.
Support: 2,377 – 2,366 - 2352 USD
Resistance: 2,400 – 2417 - 2430 USD
Trade active
Comment:
Gold touched the 2371 support zone after the unemployment claims news was announced
Comment:
support 2377 + 30 pips
