Technical analysis guide for gold in the US market!

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Technical aspects:

The gold daily chart shows an obvious shock consolidation structure, and is currently running between the middle and lower tracks of the Bollinger Bands, with an overall weak trend. Since hitting a high of $3499.83, the market has fallen into a sideways consolidation range, with top resistance concentrated in the $3400-3450 range and bottom support at $3250. The recent price retracement to around 3250 failed to effectively break below, forming an important support level.

The MACD indicator crossover continues, the green column is enlarged, the double lines are downward, and the momentum is weak. The RSI indicator runs around 44, and does not show oversold or rebound signals. The price is still in a weak consolidation stage. Analysts believe that if it falls below the 3250 line, it may open up further correction space, and pay attention to the 3170 area support; on the upside, if it can effectively stand above 3400, it is expected to retest the 3450 line high.

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The short-term trend of gold depends on the FOMC minutes and changes in inflation expectations. If the minutes reveal a tendency to cut interest rates this year, it may ease the strong dollar situation, thereby helping gold rebound and test the $3,400 mark. However, if the minutes still emphasize the stickiness of inflation and the necessity of high interest rates, gold may continue to be weak and test the 3,250 support.