Jump to content

Gold Price Latest – XAU/USD Prints a Fresh Three-Month Low


Recommended Posts

GOLD PRICE (XAU/USD), CHART, AND ANALYSIS

  • Bearish technical signals send gold tumbling.
  • US CPI will lead the next move in the precious metal.

Gold Price Forecast: XAU/USD Falls to Fresh Lows Ahead of FOMC

Today’s US inflation data, released at 13:30 UK, will set the tone for gold in the days and weeks ahead. Headline US inflation is expected to move lower to 8.1% in April from 8.5% in March. While any downturn in price pressures will be welcome, it should be noted that the March reading was the highest level of headline inflation seen in the US in over 40 years.

The US dollar remains underpinned and will likely remain that way over the coming months as the Fed continues to hike interest rates. The US central bank is expected to increase rates by a further 200 basis points this year, and while most of this is priced into the greenback, the US dollar will likely appreciate further.

Gold Price Latest –  XAU/USD Prints a Fresh Three-Month Low

For all market-moving data releases and events, see the DailyFX Economic Calendar.

The daily gold chart shows the precious metal slipping through old horizontal areas of support, not helped by the formation of two bearish shooting star candles. These technical indicators have kept downward pressure on gold. The precious metal is also battling with the 200-day simple moving average for the first time in over three months and if this doesn’t provide support, then gold will look at the 38.2% Fibonacci retracement level at $1,823/oz. as the next level of support. Resistance is seen at $1,871/oz. the 50% Fib retracement.

GOLD DAILY PRICE CHART – MAY 11, 2022

Gold Price Latest –  XAU/USD Prints a Fresh Three-Month Low

 

Retail trader data show83.87% of traders are net-long with the ratio of traders long to short at 5.20 to 1. The number of traders net-long is 4.78% lower than yesterday and 0.94% lower from last week, while the number of traders net-short is 1.95% lower than yesterday and 20.24% lower from last week.

We typically take a contrarian view to crowd sentiment, and the fact traders are net-long suggests Gold prices may continue to fall. Positioning is less net-long than yesterday but more net-long from last week. The combination of current sentiment and recent changes gives us a further mixed Gold trading bias.

image.png

What are your views on Gold – bullish or bearish?

 

May 11, 2022 | DailyFX
Nick Cawley, Strategist

Link to comment

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • image.png

  • Posts

    • Thetanuts Finance is shaking things up in DeFi with their focus on structured products and, of course, options trading. Thetanuts isn't the only player on the DeFi options field. Badger DAO, for instance, is another project offering options for Bitcoin alongside their other yield-generating tools. Meanwhile, Opyn uses something called an Automated Market Maker (AMM) to provide liquidity, similar to how Thetanuts plans to leverage Uniswap v3 pools.   They've got some interesting features, just landed on Bitget, and seem to be building a community. But options trading can be complex, and DeFi is still the wild west of finance.  What do you think? Worth a shot, or best to stick to simpler DeFi tools? Let's hear your thoughts in the comments!
    • You know that saying we always hear, "not your keys, not your assets"? Well, HashPack is taking that to heart and giving us the power to truly own our crypto. We've all been there, trusting some custodial wallet or centralized exchange to hold our digital cash, only for them to mess it up or straight-up exit scam with our funds. HashPack is putting an end to that BS by making sure we're the only ones in control of our private keys and assets. No more relying on third parties to hold our crypto hostage. With HashPack, your accounts are fully decentralized and secure, just like crypto was always meant to be. And if that's not enough to make you feel safe, they've even integrated with top-tier hardware wallets like Ledger, D'CENT, and Citadel for an extra layer of protection. Talk about having your back! But HashPack isn't just about keeping our crypto on lockdown. These guys are on a mission to revolutionize the entire web3 experience. Let's be real, navigating this decentralized world can be a total pain in the **** sometimes, with all sorts of friction and barriers standing in the way. Well, HashPack is tackling those issues head-on with their user-centric products and services. And get this – HashPack has already achieved some seriously impressive feats in the space. They've built HashConnect, a secure dApp connection library, introduced trustless peer-to-peer trades, and have been leading the charge in ecosystem innovation. These guys are the real deal, no cap. But wait, it gets even better! HashPack's utility token, $PACK, is now available for trading on Bitget exchange. And not only that, but Bitget is running an ongoing campaign with a $3,000 $PACK prize pool up for grabs! Can you believe that? This is our chance to not only support a game-changing project like HashPack but also potentially win big in the process. So, what do you say, fellas? Are you ready to take back control of your crypto keys and assets? Are you hyped about the prospect of a seamless, user-friendly web3 experience? If so, then HashPack is the project you need to be paying attention to. Trust me, this is just the beginning of their journey – and I, for one, can't wait to see what they'll accomplish next!
    • You know, after being around the crypto block a few times, I finally feel like someone is getting scaling right with this Taiko project. They seem to have cracked the code on addressing the major headaches we've all faced trying to scale Ethereum in a truly decentralized, transparent, and efficient manner. With Taiko, the whole show is open-source, permissionless, and driven by the community itself – no shadowy centralizers pulling the strings behind the curtain. And get this – they're actually writing all that juicy block data directly onto the Ethereum mainnet! That means everything is out in the open, decentralized, and there for anyone to verify the latest chain state. No more black box nonsense. Transparency is clearly a huge priority here too. Taiko insists that every single bit of executable data has to be publicly available and in sequence. So we regular folks can generate proofs for blocks using only what's out there for all to see. No more having to blindly trust some convoluted system, you know? But Taiko isn't just focused on keeping things open and transparent – they're also hellbent on making the whole block creation and proposing process as streamlined and efficient as can be. Their approach levels that playing field so anyone has a fair shot at adding blocks based on legit factors like fees and MEV rewards. No more relying on a handful of big dogs to keep the wheels turning. And you've got to admire their innovative spirit – they're even splitting up the block submission process into two parts to cut down on those pesky bottlenecks we've seen cripple other systems. Genius, if you ask me! Now, I know some of the jaded old-timers in our crowd might roll their eyes and say "Here we go again, another overblown project overpromising the moon." But hear me out – Taiko has managed to turn heads and rustle up over $22 million from major investment heavyweights like Sequoia China, OKX Ventures, KuCoin Ventures, and they've even gotten a nod from ol' Vitalik himself! That's no mean feat, let me tell you. I truly believe Taiko is onto something special here. They're taking on the huge challenges of decentralization, transparency, and efficiency head-on, but doing it in a way that doesn't abandon Ethereum's core values and principles. If they can pull this off, it could be the real deal for finally making scaling a practical reality. And you know what's got me extra excited? Taiko's very own $TKO token is now available for pre-trade over on Bitget exchange! I might just have to throw a little support behind this promising project and see where it goes. Who's with me, huh? Let's dive into the future of decentralized Ethereum scaling together!
×
×
  • Create New...
us