FX168 Financial News (Hong Kong) News Spot gold Monday (May 28th) continued to decline slightly, the price of gold has broken below the 1300 mark, the US market fell to the lowest in the US to 1295.21 US dollars per ounce. On Sunday, U.S. President Trump said that he will still be able to meet with North Korean leader Kim Jong Eun in June to ease geopolitical tensions and gold will be put down.
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According to news from the Xinhua News Agency on Sunday, US President Trump said on the evening of May 26 local time that he still hopes that the US-DPRK leader’s Singapore meeting will be held on June 12. Earlier, Trump had suddenly and publicly sent a letter to Kim Jong-un and announced the cancellation of the June 12 meeting in Singapore. Later, he said in the White House that the meeting with North Korean leader Kim Jong Eun "is still possible to be held as scheduled on June 12." Trump told reporters at the White House on the evening of May 26 local time that the current preparations for the U.S. and DPRK leaders’ meetings were “very smooth.” The United States still hopes that the meeting will be held in Singapore on June 12. "This has not changed."
In the external market, the US dollar continued to hold steady near the high of 2018 on Monday, which is bad for gold investors holding other currencies. Since Monday was a U.S. holiday and the New York Stock Exchange was closed on the 1st, CME Group’s precious metals, US crude oil and foreign exchange contract transactions closed in advance at 1 am on the 29th, and the market transactions were light. As of the press release, the US dollar index rose 0.13, or 0.14%, to 94.39. US stocks have no transactions. US oil fell 1.9% to 66.59 US dollars / barrel, cloth oil fell 1.276%, to 75.48 US dollars / barrel.
According to the analysis, gold touched a one-and-a-half year high in January this year and traded in the 1310-1360 range, but then fell due to a stronger US dollar. Speculators bet on gold prices will fall sharply, and the net long position of gold futures on the New York Futures Exchange has fallen to a 10-month low. The price of gold is now trading in a range between the 200-day moving average, which is $1307 per ounce, and the Fibonacci support at $1286 per ounce.
Currently, from a technical point of view, gold once again fell back below 1300, and the downward support is at the 1290 mark and the Fibonacci support level at 1286. If the above levels fall below, the price of gold will likely fall back to the previous low at 1281.81 US dollars per ounce. On the upside, 1300 has turned into a strong resistance level, and gold prices need to break through this level again, and hold above it to regain the uptrend.
Outlook
Sao Bank analyst Ole Hansen said on Monday that the gold price is now trapped between the 200-day moving average at $1307 and the Fibonacci support at $1286.
He said: “Given our drastic reduction in speculative long positions, we have the greatest potential for price bursts. If we do break the highs upwards, then these funds will have to chase the market to rebuild their long positions.” Speculative investors have to price Concern was lessened, with Friday's data showing that its COMEX silver net short position was the lowest since February 2014.
At 00:25 GMT, spot gold was quoted at $1298.20 per ounce, down $3.1, or 0.24%.

(Spot gold daily chart source: FX168 Financial Network)
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