Weekly

Last week was nearly 10 weeks, and the weekly chart closed in the second week. The momentum of the sharp rise at the end of the first quarter was finally cooled by the rising inflation. Since there was no conflict between Israel and Iraq for a long weekend, Asian markets saw the gold price begin to decline on Monday, and European and American markets failed to reverse the trend of taking back. At the beginning of the week, it even fell below the $2,300 mark, with a low of $2,291.4 for the whole week. After that, it bounced back and regained some lost ground. The United States announced that its GDP in the first quarter was unexpectedly weak, and investors still expected the United States to cut interest rates, which brought a rebound opportunity to the gold price, but the market paid more attention to the inflation data of the United States. On Friday, PCE reported 2.8%, which was higher than expected, indicating that the growth rate was still lower than the Fed's expected decline, which hindered the space for the gold price to rebound. The gold price was subject to the resistance above 2350, but there was still buying support below 2300. Although there was no new news to stimulate the situation in the Middle East, the central bank's actual buying supported the gold price to some extent. The technical overbought, coupled with the strong dollar, will suppress the rising space of the gold price, which will lead to a more volatile consolidation of the gold market. Looking forward to this week, the interest rate cut in the United States and non-agriculture can be described as a super economic week. Although the opportunity for the Federal Reserve to cut interest rates this time is almost zero, it is very likely that Chairman Powell will mention the interest rate expectations in June and September in the press release, which will bring opportunities for market breakthrough. Let's refer to each other.