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Spot gold closed down on Monday .USD, down .% due to news from Europe that negotiations between Greece and EU creditors have made progress, which in turn suppressed safe-haven products such as gold and silver. The easing of the Greek crisis also directly stimulated the stock market to surge, and the US dollar benefited from it. After hitting the bottom last week, it closed positive for two consecutive days.

Hot Interpretations

Data released in the United States on Monday showed that monthly existing home sales surged to a five-and-a-half-year high, helped by first-time buyers entering the market. This is a sign of the housing market and the overall The latest sign that economic activity is building momentum in the second quarter. The National Association of Realtors announced on Monday that monthly existing home sales in the United States increased by .% on a monthly basis and an annual rate of 10,000 households, the highest level since the beginning of the year. Affected by this positive data, the U.S. index rebounded from lows at a high speed, with a daily increase of .%.

In terms of risk events, the new proposal submitted by Greece has raised hopes of reaching an agreement at the emergency summit of euro zone leaders on Monday (May 3). The euro rose against the dollar earlier after the new plan was welcomed by the European Union. Despite concerns over Greece's possible debt default and exit from the euro zone, the euro's resilient performance surprised many.

Although the market has different views on the future of gold and silver, what is more positive is that gold inflows were . tons on Monday, and the current total positions rose to . tons.

Technical Guidance

Dragged down by the easing of the Greek crisis, gold prices fell by .% on the daily level. In the small cycle level (hourly) chart, the gold price has rebounded slightly after hitting the bottom in the short-term, and the fast and slow lines in the indicator chart have low golden crosses, providing support for the intraday rebound in gold prices. In terms of operation, it is recommended to place long orders, take profits and stop losses in the short term.

Supported by the combined efforts of the bottom and the daily moving average, silver has temporarily stabilized. In the hourly chart, silver is free from the middle track of the Bollinger Band (.) in the short term, and the high golden cross releases a positive signal. In terms of operation, the main focus is to buy long on dips, enter the market at ., and pay attention to the support level below for reference at the resistance level above.