Weekly

After the Easter holiday, the gold price was in full swing. It broke through the 3,400 mark again as soon as the market opened on Monday, rising by over 100 dollars compared to the previous week. The market momentum was strong. Investors' risk appetite was quite high. Any slight movement would attract funds to rush into the gold market for safety. Trump pressured Fed Chair Powell to cut interest rates, saying he was too late. The market was worried that Trump would fire Powell, affecting the independence of the Fed. The safe-haven function of the US dollar and US bonds had been reduced. Gold was sought after to 3,500 dollars, setting a new historical high. Later, it gave back some gains. 

Trump said he has no intention of dismissing Powell. Coupled with The Washington Post citing US officials as saying that tariffs on China are expected to be reduced to 60%, the news also coincided with the gold price giving back gains, hitting a low of $3,259 midweek. It rebounded after approaching the rising support line and has been fluctuating and consolidating at the high end. At this stage, the gold price's range has expanded, and the ups and downs have been fast, providing more opportunities to enter the market. 

Looking ahead to this week, the US will release data from the Department of Labor. The recent non-farm payroll performance has been decent, and the US economy is not too weak. The Federal Reserve has a relatively low chance of cutting interest rates, which may trigger a pullback in the gold market. However, under the shadow of the trade war, each pullback is an ideal opportunity to enter the market. Let's take a look at the market situation and refer to each other.