Gold Prices Sink, Support Breakdown Heralds More Weakness XAU/USD Key Levels

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5/23/2024 8:06:29 PM

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Host: Duration: min 00:02:28 widgets/economicCalendar._abbr () Actual Forecast PreviousRevised EUR/USD Mixed
6h Last updated:May 23, 2024
Long Short
Note: Low and High figures are for the trading day.
Data provided by News US Dollar Technical Outlook: EUR/USD, GBP/USD, NZD/USD Price Setups 2024-05-23 08:30:35 Gold, EUR/USD, USD/JPY – Price Action Analysis & Technical Outlook 2024-05-22 23:15:00 Oil - US Crude Bearish
6h Last updated:May 23, 2024

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Note: Low and High figures are for the trading day.
Data provided by News US Crude Oil Bounces Back But Looks Rangebound Before OPEC's June Meet 2024-05-23 11:00:28 US Crude Oil Hands Back Early Gains As Demand Doubts Resume Control 2024-05-15 11:00:35 Wall Street Bearish
6h Last updated:May 23, 2024

Long Short
Note: Low and High figures are for the trading day.
Data provided by News Dow Sustains Losses but Nasdaq 100 Hits New High and Nikkei 225 Recovers 2024-05-23 12:30:41 Market Sentiment Analysis and Outlook: S&P 500, Dow Jones 30, Gold 2024-05-22 17:30:00 Gold Bearish
6h Last updated:May 23, 2024

Long Short
Note: Low and High figures are for the trading day.
Data provided by News Gold Prices Sink, Support Breakdown Heralds More Weakness; XAU/USD Key Levels 2024-05-24 00:00:00 Gold Price Outlook: XAU/USD Turns on Hawkish Fed, Stronger USD and Yields 2024-05-23 14:33:11 GBP/USD Mixed
6h Last updated:May 23, 2024

Long Short
Note: Low and High figures are for the trading day.
Data provided by News US Dollar Technical Outlook: EUR/USD, GBP/USD, NZD/USD Price Setups 2024-05-23 08:30:35 UK Inflation Proves Too Hot to Handle in April, Unravelling Rate Cut Bets 2024-05-22 07:39:32 USD/JPY Bullish
6h Last updated:May 23, 2024

Long Short
Note: Low and High figures are for the trading day.
Data provided by News Japanese Yen Sentiment Analysis & Outlook – USD/JPY, EUR/JPY, GBP/JPY 2024-05-23 18:00:00 Gold, EUR/USD, USD/JPY – Price Action Analysis & Technical Outlook 2024-05-22 23:15:00 MoreView More

Heads Up: Core Inflation Rate YoY (Apr) due at 23:30 GMT (15min)Expected: 2.2%Previous: 2.6%
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Most Read: Japanese Yen Sentiment Analysis & Outlook – USD/JPY, EUR/JPY, GBP/JPY
Gold prices plummeted on Thursday following stronger-than-expected U.S. economic data, which drove U.S. Treasury yields higher and boosted the U.S. dollar against most currencies. When it was all said and done, the precious metal fell over 2% after a volatile session, breaking through several support levels and hitting its lowest point in two weeks.
With the U.S. economy performing exceptionally well and inflationary pressures proving more persistent than anticipated, the Federal Reserve is likely to maintain its restrictive policy stance for longer. This scenario of higher interest rates for longer could limit gold's upside potential in the near term, assuming risk aversion remains in check.
Eager to gain insights into gold's future path? Discover the answers in our complimentary quarterly trading guide. Request a copy now!
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Looking ahead, the economic calendar will be relatively quiet until late next week when the next core PCE indicator, the Fed's preferred inflation measure, is released. Traders should closely monitor this piece of data for insights into consumer price trends, keeping in mind that a hot report could send interest rate expectations in a hawkish direction, weighing on precious metals.
In terms of technical analysis, XAU/USD retreated for the third straight session on Thursday, breaching an important trendline at $2,360 and the 38.2% Fibonacci retracement of the 2023 rally at $2,335. If losses accelerate in the coming days, the 50-day simple moving average at $2,310 will be the next line of defense against a bearish assault, followed by $2,300 and $2,280 thereafter.
In the event of a bullish turnaround, overhead resistance emerges at $2,365, followed by $2,375. Overcoming these technical barriers could be difficult, but a successful breakout could embolden buyers to initiate an attack on $2,420. On further strength, we cannot rule out a rally towards $2430, ahead of a possible retest of the all-time high around $2450.
Wondering how retail positioning can shape gold prices? Our sentiment guide provides the answers you are looking for-don't miss out, get the guide now!
GoldBearish Data provided by

of clients are net long. of clients are net short.

Change in	Longs	Shorts	OI
Daily	2%	-8%	-2%
Weekly	9%	-17%	-3%

What does it mean for price action? Get My Guide GOLD PRICE TECHNICAL CHART

Gold Price Chart Created Using TradingView

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