Weekly

Last week, the price of gold was rampant, subject to the resistance of 2650, and it failed to break through many times. The performance of the labor market was tepid, and the market's expectation of the interest rate reduction process was not changed, which supported the buying of the low price of gold. The top and bottom failed to break through, limiting the trend of gold.

In the middle of the week, the number of ADP employees announced by the United States was 146,000, which met the expectation. After a period of shock, the gold price was unable to break. On Friday night, the non-agricultural report was 227,000, which was slightly better than expected. The gold price turned to a low level, but it did not leave the recent active trading range and was supported below 2620.

At present, inflation is under control, and the general direction of the Fed is still to reduce interest rates, but the extent may not be as strong as expected earlier. In addition, President-elect Trump has the opportunity to raise tariffs after taking office, which also raises the risk of inflation and even forces the Fed to maintain high interest rates for some time, which hinders the gold price from breaking through this year's new high.

Looking forward to this week, the United States will release CPI and PPI inflation data. The latest interest rate futures still show that the Federal Reserve will cut interest rates by 0.25% this month. However, after this interest rate cut, there is a big disagreement in the market. In the future, we still need to pay attention to inflation and economic performance, so CPI is particularly important. The market situation, might as well refer to each other.