Weekly

May 17 th
 
Today's volatility range:

The price of gold fluctuated greatly last week. In the middle of last week, the gold market faced the haze that rising inflation in the United States might cause interest rate hikes and early water choke. The gold market tried to lower the level of US$ 1,800, but it was obviously supported above US$ 1,800.

In addition, the positive employment market data eased the pressure of some Fed to raise interest rates, and at the same time stimulated the price of 10-year U.S. Treasury bonds to rise, and the yield of U.S. bonds fell, supporting the rise of gold prices.

In the trend, the gold price showed the support of $1808 and $1818, and finally rebounded to $1843 to close. In addition to rising for two weeks on the weekly line, it also closed at the highest level since February.

With the strong trend and the war situation in the Middle East, the gold market is still on the top line this week, which is expected to break through the previous target of $1,848 and move to the next target of $1,861. Today's proposed amplitude is between 1832 and 1858.
 

There was a war in the Middle East last week, and the Palestinian and Israeli police clashed at the Al-Aqsa Mosque in Jerusalem on Monday, which triggered the most serious conflict between Israeli and Gaza armed groups since 2019. The situation between Israel and Palestine escalated.

The war situation is even more out of control. It has been reported that since the local Monday, the Palestinian militant group Hamas has fired more than 1,600 rockets at Israel, while Israeli army warplanes and helicopter gunships have carried out operations in Gaza

More than 600 attacks, missions and wars have killed at least 148 people. The United States sent Assistant Secretary of State blinken to mediate. He telephoned Israeli Prime Minister Benjamin Netanyahu and urged all parties to stop the violence and cool down the tense situation.

On the other hand, Russia, another military power, also urged the two sides to cease fire, and wanted to promote four-party talks to replace force by dialogue. However, the two sides continued to attack each other, covering civilian areas and airports.

Multinational airlines cancel all flights to and from Israel. The situation between Israel and Palestine has escalated, and the war situation is even more out of control. The situation is worrying.

 
Inflation is not as expected. The United States expects inflation to heat up. Hong Kong is an extroverted economy, which is vulnerable to external influences. Even the Hong Kong stock market is also affected by the external atmosphere. The Hang Seng Index closed down 2.04% last week.

Under the economic recovery of the United States, the pressure to raise interest rates has been formed. High-valued technology stocks have become the target of selling in recent months, which has affected the overall performance of Wall Street. The three major indexes of new york all reported a decline last week, and the Nasdaq index fell 2.38% last week;

Dow Jones index fell 1.14%, Nasdaq index rose 2.67%, Nasdaq index fell 1.31%. Seeing the inflationary pressure ditch into the volatility of the US stock market, the European Central Bank quickly came out to solve its doubts. The European Central Bank said,

There is no inflation pre-worry in Europe, and there is no evidence to show that it has caused the European Central Government to change its current policies. The three major indexes of European stock markets were mixed last week, and the DAX index in Frankfurt, Germany rose by 0.11%; CAC in Paris, France fell 0.01%;

Britain is still in the dilemma of Scottish Brexit, with the FTSE 100 index falling 1.21%.
 
 
Gold price fluctuated greatly last week. It is expected that inflation will heat up and the situation in Israel and Palestine will worsen. Gold price took up the upward trend last week at the beginning of the week, and the highest price rose to US$ 1,841. However, the increase of job vacancies in the labor mobility survey report released by the United States on Wednesday night was better than expected by the market.

In addition, the US Treasury Department responded enthusiastically to the auction of US$ 41 billion 10-year treasury bonds last night, which stimulated the yield of US bonds to rise above 1.7%, and the price of gold turned sharply. Obviously, it has been supported above US$ 1,800, and it has received more support because it fell to US$ 1,808.

It rebounded by $20, but finally opened a big candle on Wednesday, closing at $1,816, ending five consecutive rises and slightly damaging the trend. But on Thursday, the United States announced the number of people claiming unemployment benefits for the first time last week. Although the number was better than expected,

The data not only did not further stimulate the rise of the US dollar, but stimulated the price of the 10-year national debt to rise. The yield of the 10-year national debt fell below the bid interest rate of 1.684% in the previous auction, and the gold price rose for two consecutive days and finally closed at US$ 1,843.

It is the highest closing price since February this year, rising by $12 per week.

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