On 15 May, the U.S. dollar index fell slightly by 0.14%, as the US regional manufacturing survey showed that target prices hit record highs, aggravating fears, benefiting risk-return currencies. The depreciation of the U.S. dollars supports a sharp rise in gold prices. Efforts of further reopening the economy, as well as U.S. housing and manufacturing data, indicate economic growth, and put pressures on the dollar. Price for spot gold hit a maximum of $1868.49 per ounce. There are signs that fund managers and investors are more on gold , which boosted market sentiment. Government data released last Friday showed that long positions in US gold futures and options held by hedge fund manager increased by 12% from the previous week, it is the largest increase since June. According to reports, ETFs have continuously increased their gold holdings in the past six trading days, where sold in the previous months. The latest news shows that the Israeli-Palestinian conflict continues to hold firm attitudes, and the international community’s mediation efforts have failed, helping the price of gold hit a 3.5 month high.
The spot gold daily line is obviously pulled up, breaking through the 200-day moving average and destroying the recent three-month . MACE upward momentum has been enhanced; indicates entering the overbought zone. In the 4-hour level, price diverges upward. opens upwards, upward momentum continues to increase, suggests overbought. Today long position enters near 1860, take profit at 1875, stop loss at 1844.