Fund sold nearly 5 tons of gold on May 19, 2021

Gold price today showed signs of slowing down after the trading session on Wednesday, May 19, 2021, SPDR Gold Trust Gold Fund sold nearly 5 tons of gold.

SPDR gold reserves decreased by nearly 5 tons after May 19, 2021
SPDR gold reserves decreased by nearly 5 tons after May 19, 2021

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Technical analysis of gold price today

XAUUSD's Elliott wave has completed 5 waves.

Currently, gold price has not broken through the resistance zone of 1980, it is difficult for the gold market to return to the previous main uptrend

At the resistance area of 1870, a Doji candlestick pattern appeared - indecision between buyers and sellers, very long candlesticks showed that the pressure on both sides was quite strong at this place.
Possible scenario: Need more confirmation candle to make sure this 1875 resistance area is broken, should watch more SPDR fund data. If breaking out of the 1875 zone, gold will most likely increase to 194x
Gold price chart today May 20, 2021
Gold price chart today May 20, 2021
Fundamental factors affecting current gold
Since the Fed declared "no change" at the end of April, inflation data for both the US and China have beat analysts' forecasts last week, with market-based forecasts for inflation. of the US hit its highest level since 2013 above 2.5% per year.

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The UK and Canada both reported a faster-than-expected rise in the cost of living in April.

However, inflation in the 19-nation Eurozone - the world's third largest money market bloc - has fallen to 0.7% per year.
Crude oil prices fell sharply and copper also fell 2.5% after setting an all-time high last week, gold prices have dropped more than $20 an ounce from yesterday's fresh 3-month high.