In the Asian market on Friday (May 16), spot gold traded around 3246.20, and gold prices rose by more than 1% on Thursday. Yesterday's sharp rise in gold was partly due to the postponement of the Russian-Ukrainian peace talks to Friday, with leaders of both sides no longer attending. The market dispelled expectations that Russia and Ukraine would quickly reach a peace agreement, and safe-haven funds and bargain hunting quickly returned to the gold market. On the other hand, the US economic data performed poorly, expectations of a Fed rate cut increased, US Treasury yields fell sharply, and the US dollar index was also under downward pressure, providing momentum for gold prices to rise.

The market can pay attention to the annualized total number of new housing starts in the United States in April (10,000 households), the total number of construction permits in the United States in April (10,000 households), the monthly rate of the US import price index in April, the initial value of the US one-year inflation rate in May, and the initial value of the US University of Michigan Consumer Confidence Index in May.

From the perspective of the daily spot gold market, affected by the easing of the trade situation, the gold price has maintained a weak correction rhythm this week. In terms of form, it has reached a double top pattern and successfully broke through the neckline. In addition, the short-term moving average group is accelerating downward at this stage, and the market outlook will exert obvious pressure. In addition, the MACD indicator is also in a dead cross state, so the short-term bears will undoubtedly have a certain advantage, and it is not ruled out that it will further approach the 3100 mark.

From the perspective of the 4-hour spot gold market, after losing the key 3200 mark, the current downward trend has already occurred in the short term. The next important support point may be 3150. At this stage, the short-term moving average group is gradually forming a short arrangement. The MACD indicator below is running below the 0 axis. If the dead cross continues to diverge and open downward, it may cooperate with the price to maintain a downward shock. Therefore, it is temporarily recommended to adjust to shorting at highs. Pressure: 3232-3240-3250 Support: 3216-3208-3200.

Disclaimer: The article is contributed by the market analyst from Bitop market observation team. The content is solely for personal opinions and sharing. The analysis is time-sensitive and provided for reference and discussion only. It does not constitute any investment advice. The market is risky, so investing should be done cautiously.