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Gold hits the upper resistance level, can it break through and rise?

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Overnight Market Review (2022.5.24) The dollar fell sharply on Monday, as the European Central Bank hinted that it will raise interest rates, and the euro rose. Gold and oil prices also edged higher, with U.S. stocks closing higher.

Global gold markets: Gold prices climbed on Monday, boosted by a weaker dollar and worries about economic growth, but pared gains after U.S. Treasury yields rose. Gold futures were up 0.3% at $1,847.8.

At midday in Asian markets on Tuesday, gold futures prices settled above $1,850, and the dollar stabilized after falling sharply in the previous session. Yesterday’s fall in the dollar pushed gold prices to a two-week high. The dollar, typically negatively correlated with gold, recovered slightly on Tuesday after falling to a one-month low, while the yield on the U.S. 10-year Treasury note, the benchmark U.S. bond yield, also retreated.

U.S. stock futures resumed their losses in the pre-market on Tuesday, as Snap’s warning about future earnings reignited concerns about the economic outlook. “Snap’s warning has raised concerns that ad spending has now peaked,” the data said. “When the (economic) outlook is more bleak, ad spending will decrease. That will lead to lower investor sentiment.”

Trading strategy deployment: it is recommended to do more at low levels

All transactions involve risks, the above analysis is for reference only. When placing an order, be sure to set the lot size and remember to set the stop loss.

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Risk Warning : Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. 

Risk Warning:
Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Lepanto Financial Advisers Limited is the holding company of Ultimate Pinnacle Limited. (Address: Fifth Floor, Suite 23, 63/66 Hatton Garden, London, England, EC1N 8LE). All services and products accessible through the site www.upfxtrade.com are provided by Ultimate Pinnacle Limited with the registered address Suite 305, Griffith Corporate Center P.O Box 1510, Beachmont Kingstown St.Vincent & the Grenadines.

Ultimate Pinnacle Limited is a limited liability company established in Belize as an operating subsidiary within the Lepanto Group of companies (collectively “Ultimate Pinnacle”) under Registration No. 173474 and having its registered address at No. 1 Corner of Hutson Street and Marine Parade, Belize City, Belize.

Lepanto Financial Advisers Limited is the holding company of Ultimate Pinnacle Limited. (Address: Fifth Floor, Suite 23, 63/66 Hatton Garden, London, England, EC1N 8LE). All services and products accessible through the site www.upfxtrade.com are provided by Ultimate Pinnacle Limited with the registered address Suite 305, Griffith Corporate Center P.O Box 1510, Beachmont Kingstown St.Vincent & the Grenadines.
Ultimate Pinnacle Limited is a limited liability company established in Belize as an operating subsidiary within the Lepanto Group of companies (collectively “Ultimate Pinnacle”) under Registration No. 173474 and having its registered address at No. 1 Corner of Hutson Street and Marine Parade, Belize City, Belize.

Lepanto Group Pty Ltd is authorised and regulated by the Australian Securities & Investments Commission, ASIC (ACN: 072 424 830)

Ultimate Pinnacle Limited is a company authorised and regulated by the National Futures Association (NFA ID: 0537666)

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