Transferred from: Xinhua Finance
Xinhua Finance and Economics, Beijing, May 14-International gold prices showed an overall rebound last week, with a maximum increase of nearly $80, ending two consecutive weeks of adjustment. The renewed risk aversion superimposed by recent weak US economic data boosted Fed interest rate cut expectations and spurred gold prices to stabilize and rebound.
The recent weak economic data in the United States, especially the sharp rise in the number of first-time jobless claims and the decline in the consumer confidence index last week, have not only intensified market concerns about the US economy, but also strengthenedMillion88The Fed is expected to cut interest rates this year. On the whole, the United States is facing the problems of economic decline and rising inflation, signs of economic stagflation have become more obvious, and the effectiveness of the Fed's monetary instruments will gradually decline with the passage of time. Rescuing the economy may rely more on fiscal policy, but the US debt is already in the stage of surge, and it is clear that it is powerless to do so.
For the gold market, whether it is the current complex and changeable geopolitical situation, or the harsh environment of the global economy and financial markets, or the global trend of de-dollarization and the "preference" of central banks to increase gold reserves, all make the gold market form a new round of investment and trading boom.
Looking forward to this week, in addition to continuing to focus on the geopolitical situation, the upcoming producer Price Index (PPI) and Consumer Price Index (CPI) in the United States in April will have a greater impact on gold prices this week, as the market expects that the Federal Reserve will begin to ease its monetary policy in September, while the performance of April inflation data will directly affect this expectation.
From a technical point of view, this week's spot gold price will focus on the competition for 2355 US dollars / ounce. If we break through this position, we will focus on the resistance between 2385 US dollars / ounce and 2400 US dollars / ounce.Million88Below, focus on the support strength of the $2315-$2330 / oz range.
[Prime time] is a special column focusing on the gold jewelry market jointly created by Xinhua Finance and China Gold Newspapers, which comprehensively covers the policy trends, investment information and risk analysis of the gold jewelry industry. Provide authoritative, professional and comprehensive financial information services in the field of gold jewelry. Xinhua Finance is the national financial information platform undertaken by Xinhua News Agency.
Editor: Wu Zhengsi