Weekly

After gold held steady at 2280key level in the first week, buying emerged one after another, and the chart also broke through the downward track of wave after wave, which enhanced the confidence of buyers. Therefore, the upward trend before the weekend was out of control, and it broke through and closed at a high level in the week. At the beginning of the week, the PMI released by the United States generally weakened, and it was difficult for the dollar to regain its strength, paving the way for gold to stop falling and rebound.

The ADP in the middle of the week was slightly lower than expected, which paved the way for the upward trend on Friday. After the US Independence Day holiday was closed, the price of gold stabilized more and more on Friday. The focus of the market was whether the non-agricultural sector would slow down. The US market released data. Although the non-agricultural sector was slightly better than expected in June, the unemployment rate rose by 4.1%. Coupled with the sharp downward revision of the non-agricultural sector figures in April and May, the confidence of the labor market that had been supporting the US economy was greatly reduced. The price of gold fell sharply at the moment when the data was released.

The market highly expects that the Fed will have a good chance to cut interest rates and start to reduce its worries about the resurgence of inflation. Looking forward to this week, the chairman of the Federal Reserve has made speeches one after another. If interest rates really start to be cut in September, Powell will have a good chance to start flying pigeons, and more inflation data such as CPI will be available at the weekend, which will confirm whether inflation will slow down. The market situation is a bit different, so let's refer to each other.