Weekly

Last week, the performance of gold price was not satisfactory. Although it inherited the strength of the previous week on Monday and rose to a record high of 2450.06, it was a pity that the stamina was not sustained. The crash of Iranian President Hoshi at the beginning of the week once worried the market about the geopolitical situation, and gold played a safe-haven role and was sought after. However, the incident did not further ferment, but it gave the gold price a chance to sell short at a high level. On Tuesday, it was seen that the gold price could not go above 2440, and the speculative market was quite cautious about the high level.

In the middle of the week, the release of the eagle by the Federal Reserve directly reversed the upward trend of gold in the past two weeks. The Federal Reserve announced the minutes of the last interest rate meeting, showing the concern of the out-side about recent inflation, and even said that the process was not satisfactory and it would continue to raise interest rates if necessary. This undoubtedly runs counter to the interest rate reduction cycle that the market has been waiting for. The price of gold plunged, and fell nearly $100 for two consecutive days after the period, the biggest weekly decline since December last year.

Fundamentally, the market is still digesting the Fed's worries about inflation, which is quite unfavorable to the gold price. Technically, the weekly chart will continue to have softening pressure after hitting a new high. Before the rebound momentum appears obviously, the gold price may be further tested and supported.

Looking ahead to this week, Monday is the Memorial Day holiday, and the market is closed. The focus of the market is on the PCE data of the weekend. Due to the recent good economic data in the United States, investors' fear of the deterioration of the labor market has been reduced. If the data is still strong this week, it will support the US exchange and suppress gold. The market situation is a bit bleak. Let's refer to each other. Last week, the performance of gold price was not satisfactory. Although it inherited the strength of the previous week on Monday and rose to a record high of 2450.06, it was a pity that the stamina was not sustained. The crash of Iranian President Hoshi at the beginning of the week once worried the market about the geopolitical situation, and gold played a safe-haven role and was sought after. However, the incident did not further ferment, but it gave the gold price a chance to sell short at a high level. On Tuesday, it was seen that the gold price could not go above 2440, and the speculative market was quite cautious about the high level.

In the middle of the week, the release of the eagle by the Federal Reserve directly reversed the upward trend of gold in the past two weeks. The Federal Reserve announced the minutes of the last interest rate meeting, showing the concern of the out-side about recent inflation, and even said that the process was not satisfactory and it would continue to raise interest rates if necessary. This undoubtedly runs counter to the interest rate reduction cycle that the market has been waiting for. The price of gold plunged, and fell nearly $100 for two consecutive days after the period, the biggest weekly decline since December last year.

Fundamentally, the market is still digesting the Fed's worries about inflation, which is quite unfavorable to the gold price. Technically, the weekly chart will continue to have softening pressure after hitting a new high. Before the rebound momentum appears obviously, the gold price may be further tested and supported.

Looking ahead to this week, Monday is the Memorial Day holiday, and the market is closed. The focus of the market is on the PCE data of the weekend. Due to the recent good economic data in the United States, investors' fear of the deterioration of the labor market has been reduced. If the data is still strong this week, it will support the US exchange and suppress gold. The market situation is a bit bleak. Let's refer to each other.