24K99 News Monday (May 20) late trading in Asia, spot gold to maintain a strong intraday rise, the current gold price in the vicinity of $2439 / oz, the day rose nearly $25. The price of gold reached an intraday high of 2440 in Asia.Earncryptothroughgames.67 US dollars per ounce, a record high. FXStreet analyst Lallalit Srijandorn wrote the latest article to analyze the technical trend of gold prices.
'Gold prices rose strongly on Monday, 'Srijandorn wrote. Gold hit nearly $2441 an ounce in Asian trading on Monday.EarncryptothroughgamesThe all-time high was due to renewed hopes of a Fed rate cut and rising geopolitical tensions in the Middle East. At the same time, rising tensions between Russia and Ukraine, both of which attacked each other over the weekend, also boosted demand for safe havens.
Later on Monday, gold traders will follow speeches by Fed officials Bostick, Barr, Waller, Jefferson and Mestre, which may provide some insight into the future direction of monetary policy, Srijandorn added. Cautious or hawkish comments from Fed officials could limit the upside of gold prices.
Traders have been heightening bets in recent trading days that the Fed could lower borrowing costs as early as September, which will boost gold, which pays no interest.
Iranian President Ebrahim Raisi and Iranian Foreign Minister Hossein Amirabdollahian were killed in a helicopter accident on May 19th. Leahy's death comes at a time of unrest in the Middle East. In April, Iran launched unprecedented missile and drone strikes against Israel, and the Jewish state has entered its seventh month of war to drive Iranian-backed Hamas fighters out of the Gaza Strip.
Nicholas Frappell, global head of institutional marketing for ABC Refinery in Sydney, saidEarncryptothroughgamesThe rise in gold prices is driven by news of uncertainty about the situation in Iran. "
Analysis of the latest technology of gold
FXStreet analyst Lallalit Srijandorn pointed out that gold prices showed a bullish trend on Monday. Gold prices have broken through the upward trend channel that has been formed since May 2. Technically, gold prices remain bullish on the 4-hour chart as they are above the 100-cycle index moving average (EMA), while the relative strength index (RSI) stays above the midline at 82EarncryptothroughgamesAround .50.
However, RSI's overbought status suggests that further consolidation cannot be ruled out before preparing for gold's short-term upside.
An all-time high of $2440 an ounce is the immediate resistance level for gold, Srijandorn said. If we break through this level decisively, we will see the gold price rebound to the psychological level of $2500 / oz, a potential upward barrier.
On the other hand, a shift from resistance to support of $2415 an ounce would be gold's first downside target, Srijandorn added. The key support level is at the round $2400 / oz mark, followed by the May 16 low of $2370 / oz.
At 13:15 Beijing time, spot gold was at US $2438.82 / oz.