Weekly

Although the Fed's bitmap shows that the United States has a good chance to cut interest rates only once during the year, the market bet that there is still a chance to cut interest rates twice throughout the year, totaling half a percentage point, which supports the development of the early golden period. Last week's economic data became a market indicator, and investors hoped to get some enlightenment from the current economic situation in the United States.

Retail sales at the beginning of the week were still lower than expected, and the market continued to expect to cut interest rates more than once, thus supporting the trend at the beginning of the Golden Week. Most of the time, gold prices stabilized, but there was a big reversal on Friday night. After reaching the weekly high of 2,368.72, it was unsustainable. At night, the PMI index released by the United States was better than expected, and both manufacturing and service industries were above the rising and falling boundary of 50. If the American economy did not land, there would be less interest rate cuts. Continued high interest rates for a long time increased the cost of gold holders, and the price of gold plummeted, falling below the opening price at the beginning of the week and falling by $11.64 for the whole week.

On the chart, the price of gold once formed a double peak near 2440, while the two peaks were located at 2387 and 2368 respectively, showing a trend that one wave was lower than the other. To reverse the weakness, it is necessary to break the top. This week, the United States will announce the PCE price index. If the inflation data improves, the Fed is expected to have more chips to start cutting interest rates. Otherwise, high inflation will definitely continue to raise interest rates, which is not good for gold. The market situation is a bit different, so let's refer to each other.