exclusivenodepositbonus| Big news from Israel! The gold price suddenly counterattacked and approached $2,345

24K99: during the Asian market session on Tuesday, the US dollar was stable.ExclusivenodepositbonusSpot gold suddenly rebounded strongly in the short term, and the price of gold is now approaching $2345 an ounce, up about $10 from its intraday low. FXStreet analyst Lallalit Srijandorn wrote the latest article to analyze the trend of gold prices.

'Gold rebounded despite the consolidation of the dollar on Tuesday, 'Srijandorn wrote. The upside for gold may be limited as traders are likely to wait and see before key US inflation data are released this week. In recent trading days, the idea that US interest rates have remained high for a long time has put some selling pressure on gold. However, safe haven funds from escalating tensions in the Middle East could temporarily boost gold prices.

According to the latest report, two senior US administration officials said that the Biden administration assessed that Israel had gathered on the edge of the Gaza city of Rafah.ExclusivenodepositbonusThere are enough troops to carry out a full-scale attack in the next few days. But senior U. S. officials are not sure whether Israel has made a final decision to take such action in defiance of Biden's decision.

One of the officials also warned that Israel had not made adequate preparations, including the construction of infrastructure related to food, sanitation and shelter, before it was possible to evacuate the more than 1 million Gazans currently living in Rafah. If Israel continues to conduct large-scale ground operations against Rafah, it will violate months of warnings from the United States.

Srijandorn said investors will keep a close eye on key U.S. economic data this week. The US producer price index (PPI) for April will be released on Tuesday, and Federal Reserve Chairman Jerome Powell will also make a speech on Tuesday. Attention will then turn to the US Consumer Price Index (CPI), which is due to be released on Wednesday.

Srijandorn said the reports are likely to shed some light on the timing of the Fed's first interest rate change. Higher-than-expected inflation data could dampen the prospect of a Fed rate cut, putting pressure on gold. Higher interest rates may reduce overall investment demand for gold as they increase the opportunity cost of holding gold.

The US April PPI report will be released at 20:30 Beijing time on Tuesday. Authoritative media survey shows that the monthly PPI rate in the United States is expected to increase by 0% in April.Exclusivenodepositbonus.3%, the annual rate is expected to rise by 2%.Exclusivenodepositbonus.2%.

The survey also shows that the monthly rate of core PPI in the United States in April is expected to grow by 0.2%, and the annual rate is expected to climb 2.4%.

At 22:00 Beijing time on Tuesday, Federal Reserve Chairman Colin Powell and European Central Bank Regulatory Committee Nott will jointly attend a meeting and deliver a speech.

At a news conference after the May meeting, Federal Reserve Chairman Colin Powell sent a dovish signal that the FOMC's next move is unlikely to be to raise interest rates.

Analysis of the latest technology of gold

Gold prices have risen so far on Tuesday, Srijandorn said. Gold remained bullish as gold remained above the key 100-cycle index moving average (EMA) on the four-hour chart. The upward momentum was strengthened by the 14-day relative strength Index (RSI), which is located in the bullish area of 52.70, indicating that support may be held rather than lost.

On the upside, Srijandorn said a high of $2378 an ounce on May 10 was a short-term resistance level for gold. A sustained rise will pave the way for gold to rise to the psychological level of $2400 an ounce.

If it breaks through the $2400 / oz level, gold will bounce back to an all-time high around $2432 / oz and move towards the round $2500 / oz mark.

On the other hand, Srijandorn added that the key support level for gold will occur near the $2325 / oz-$2340 / oz region, which is also the confluence of the resistance level-support and the 100-day EMA.

Once it falls below these areas, gold will hit a low of $2281 an ounce on May 2.

At 12:18 Beijing time, spot gold was at US $2344.33 / oz.

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