Weekly

March 8 th

Today's volatility range:

The gold price can still regain the $1,700 mark even when the US non-agricultural employment data is better than expected. In the early morning speech, Federal Reserve Chairman Powell has noticed the recent soaring yield of national debt.

Although there will be no action in the near future, the market has been warned to a certain extent. Gold prices may rise this morning under the pretext of Saudi Arabia's attack. The suggested amplitude is between $1697 and $1714.

The 14th National People's Congress of China was unveiled in Beijing after Friday. Premier Li Keqiang read a report on government work, pointing out that the main objectives and tasks of the 13th Five-Year Plan were successfully completed.

He said that in the past year, faced with multiple severe impacts such as the sudden COVID-19 epidemic and the deep recession of the world economy, China's epidemic prevention and control achieved significant strategic results.

The annual gross domestic product grew by 2.3%, making it the only country in the world with positive economic growth. Li Keqiang also pointed out at the meeting that the main expected goals of this year's development are,

Increase GDP growth to more than 6%; More than 11 million new jobs were created in cities and towns, and the surveyed unemployment rate in cities and towns was about 5.5%. Consumer prices rose by about 3%.

Following last week's mini-stock market crash, the north water flowed out. Hong Kong stocks were weak this week, and the Hang Seng Index fell 1.3% again. Hong Kong stocks are like a roller coaster on Friday. They plunged more than 700 points in the early stage.

However, as the National People's Congress mentioned supporting banks to increase loans by 50%, the six major state-owned banks soared by 1.8% to 4.4%, leading the Hang Seng Index to recover most of the lost land, and still lost 0.47% in a single day.

On Sunday night, there was a huge explosion in dhahran, a major oil town in Saudi Arabia and the headquarters of Saudi Aramco, the largest oil company in the world. Afterwards, Saudi officials said that they were attacked by drones.

Fourteen drones have been shot down, and no human life or property has been donated. The US Embassy and Consulate in Saudi Arabia issued an early warning to local American citizens. The news of the attack will cause the market to pay attention to the tight supply of crude oil.

Prices have the opportunity to fluctuate.

The soaring yield of US Treasury bonds caused the stocks with high P/E ratio and high valuation to suffer. Tesla, an electric vehicle manufacturer with high P/E ratio, stalled and its share price closed below US$ 600 last Friday.

The Nasdaq, which is dominated by technology stocks, fell by 1.86%. On the contrary, the expectation of economic recovery and the US non-agricultural employment data released on Friday were better than the market expectation.

Support Dow Jones index and Standard & Poor's index to rise by 1.82% and 0.8%. The gold price remained weak last week, which was affected by the US bond yield rising to 1.5% again and the recent strengthening of the US dollar.

The US dollar index is close to 92 points. The gold price fell below the US$ 1,700 mark last week, with a minimum of US$ 1,687 per ounce, but finally closed at US$ 1,701 per ounce, regaining the US$ 1,700 mark and still losing US$ 33 a week.

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