Weekly

The market hopes that the economy will rebound soon, the US dollar and gold prices will continue to suffer setbacks, and gold prices will once again fall below the 1700 mark. However, the Federal Reserve will keep its interest rate unchanged at night and continue to release doves.

The price of gold rebounded to its highest level in the day.  In the early days, gold prices and U.S. foreign exchange continued to decline, mainly because the market's risk appetite rose and the stock and other asset markets gradually got rid of worries about the haze of pneumonia.

Hedge sentiment cooled, lowering buying in the US dollar and gold markets.  When entering the US market, US economic growth was far below expectations, with US GDP growing 2.1% in the first quarter from the fourth quarter of last year.

It slowed sharply to a contraction of 4.8%, the worst performance in nearly 12 years.  However, the market had already digested and the gold price had bounced up for a while. It was only until 1712 that it softened again and fell to 1700 that it began to struggle.

Moving through the night, the Federal Reserve announced that it would keep its interest rate unchanged. It also saw the high interest rate announcement that it would adopt all monetary policy tools to support the US economy and promised to continue large-scale overnight and regular repo operations.

Boosting the market atmosphere, U.S. stocks eventually rose to their highest level since last month and gold prices also rose to a new high of 1,717 U.S. dollars.
 
Technically, the gold price did not take off the consolidation trend this week. There was not enough buying support above to make an upward breakthrough. The haze of pneumonia gradually subsided, reducing the hedging function of gold. There was still 1700 buying support below in the short term.

This level will begin to be consolidated before a breakthrough is made.  If you need to make a bottom, you can wait until the gold price is at the bottom of the consolidation interval before buying, i.e. above-market and below-market operations are the main operations.
 
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