Gold Daily Analysis: May 24, 2021 - Gold Towards $1900/troy ounce

Today's daily analysis of Gold on May 24, 2021, is predicted to continue its increase. The existence of physical buying actions carried out by market participants makes the sparkle of Gold shine even brighter. Like the movement of Gold in Friday trading at the end of last week, the increase in Gold is increasingly unstoppable. Market participants' confidence that US bond yields will fall again and switch to safe haven assets such as Gold, soaring Gold prices. The confidence of market participants is supported by weakening concerns about tapering by the US Federal Reserve. Temporary switch of market participants to the safe haven asset Gold and temporarily set aside ownership of the US Dollar. Many analysts predict the Gold bias will try hard to the psychological level at US $1900/troy ounce. The greenback is still under pressure against several other major currencies in market trading in recent days. The weakening of the US dollar occurred due to the weakening discourse on reducing bond purchases which had been raised by one of the US Central Bank officials. However, Fed Central Bank Chairman Jerome Powell said that it was not yet the time to discuss tapering. Market participants believe that it will take a long time for Powell to actually carry out the tapering. The Democratic U.S. government plans to cut the budget for infrastructure, the initial budget of US$2.25 trillion turned into US$1.7 trillion. This budget cut is mainly for broadband investment in addition to the repair or construction of roads and bridges. However, the planned cuts were rejected by Republicans.

Daily Predictions

Today's prediction on the EMAS pair is expected to continue its gains, and the recommended OP (Open Position) is BUY at the level of 1890.00, with a Target Profit (TP) of 5-10 points and a Stop Loss of 3-5 points. This the daily analysis of gold on May 24, 2021. Keep Money Management and Risk Management first in your trading. Visit GIC Indonesia to get information about the world of trading. You can also join us in the GIC Trade Telegram Community and GIC Trade Telegram Channel. Don't forget to check out the GIC Indonesia Youtube account which is full of a lot of information, and follow our Instagram account to get information about various interesting webinars that you can participate in.