there were no significant changes in market interest rate expect

16 May 2023

Spot Gold Overnight, Federal Reserve officials maintained their hawkish stance, but it did not have a significant impact on the market, and there were no significant changes in market interest rate expectations. For gold, it continues to trade within a range, with the level around 2022 remaining one of the key resistances in the near term. The first support to watch for is around 2012, followed by the level near 2000. Currently, market volatility is relatively low, so if employing a scalping strategy, it is important to set appropriate stop-loss orders to mitigate the risk of substantial losses in case of unexpected market movements.
At the same time, senior US officials have indicated that Biden and McCarthy will hold a meeting on the debt ceiling at 3:00 AM Beijing time on Wednesday. This event could also create some disruption in the market. In theory, if the debt ceiling issue is not properly resolved, concerns about technical default may support safe-haven sentiment and provide some support for the gold price.
Reference levels:
2053-2057 Minor resistance
2048 Strong resistance at the high point of CPI
2040 High point resistance
2029-2033 Resistance at the 4-hour level
2022 Strong intraday resistance
2012 Support at yesterday's low during the US session
1998-2000 Low point after non-farm payrolls, also a strong support level
1987-1990 Important support at the starting point of PMI data rise
1975-1980 Extremely low support at the weekly level