Gold Records Largest Weekly Decline in Five and a Half Months, Focus on Two Key Data Releases This Week
Gold saw a marginal increase of 0.23% last Friday, closing at $2333.61 per ounce, aided by a decline in the dollar. However, it still experienced its largest weekly decline in five and a half months due to diminished hopes of a Fed rate cut. Analysts point out that U.S. PCE inflation data and remarks from Fed officials could influence gold's trajectory in the coming week.
Trading Strategy
1. Handle intraday range fluctuations cautiously, engaging in buying at lows and selling at highs within the $2330—$2350 range, while diligently managing risk to protect profits.
2. Open long positions near $2335.0, add to positions at $2330.0。
SL: $2327.0, Target: $2343.0—$2450.0.
3. Open short positions near $2353.0.
SL:$2362.0, Target: $2344.0—$2338.0.
4. Open medium-term short positions near $2373.0
SL: $2381.0,Target: $2354.0—$2344.0—near $2330.0.
(Today being Memorial Day in the United States, with limited volatility expected due to international holidays, short-term trading is advisable for quick entries and exits.)
Gold saw a marginal increase of 0.23% last Friday, closing at $2333.61 per ounce, aided by a decline in the dollar. However, it still experienced its largest weekly decline in five and a half months due to diminished hopes of a Fed rate cut. Analysts point out that U.S. PCE inflation data and remarks from Fed officials could influence gold's trajectory in the coming week.
Trading Strategy
1. Handle intraday range fluctuations cautiously, engaging in buying at lows and selling at highs within the $2330—$2350 range, while diligently managing risk to protect profits.
2. Open long positions near $2335.0, add to positions at $2330.0。
SL: $2327.0, Target: $2343.0—$2450.0.
3. Open short positions near $2353.0.
SL:$2362.0, Target: $2344.0—$2338.0.
4. Open medium-term short positions near $2373.0
SL: $2381.0,Target: $2354.0—$2344.0—near $2330.0.
(Today being Memorial Day in the United States, with limited volatility expected due to international holidays, short-term trading is advisable for quick entries and exits.)
