On Thursday (May 22), spot gold traded around 3320.82. Gold prices rose for the third consecutive trading day on Wednesday and hit a one-week high, helped by the weakening of the dollar and the safe-haven demand under economic and geopolitical uncertainties. The US dollar index has been weak recently, falling 0.6% on Wednesday, losing the 100 integer mark, and the lowest intraday hit a two-week low of 99.33, which has become an important factor driving the rise in gold prices. The weakening of the US dollar makes gold denominated in US dollars cheaper for holders of other currencies, thus stimulating international buying demand.

In addition to the US dollar factor, the rise in geopolitical risks has also provided strong support for gold. The latest report from CNN shows that Israel may be preparing to strike Iran's nuclear facilities, while the US government is still negotiating with Iran on uranium enrichment plans. The tension in the Middle East has led to a sharp rise in market risk aversion, and gold has strengthened simultaneously with traditional safe-haven assets such as the yen and the Swiss franc. This geopolitical uncertainty is difficult to eliminate in the short term, providing continuous support for gold prices.

The gold daily indicator macd dead cross shrinks and sticks, and the smart indicator sto quickly repairs upward, representing a short-term price rebound trend. However, 3250 was not repaired yesterday and can only wait for the end of this wave of rise. The current upper pressure is at the upper rail 3410. The support is located near the middle rail 3289-3292. According to the daily Fibonacci retracement line, the upper pressure is currently at 3354. The second is 3369-72.

The 4-hour indicator macd still maintains a high-level golden cross and large-volume fluctuations, and the smart indicator sto hovers near the overbought level, representing the high-level fluctuation of prices. The pull-up and break of the flat top high point of the morning candlestick chart represents the current 3316-20 forming a top-bottom conversion support. The current support moving average MA5 and MA10 correspond to the 3322-3311 line. To sum up, today's gold operation recommendation: short near 3347-49, defense at 3356, target at 3327-3315-3305.

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.