Weekly

The market continued the range-bound trend at the beginning of the week, with the dollar generally strong and gold prices unable to break out, but also duly recovered, as yesterday's analysis pointed out, gold prices need time to consolidate,

Build up momentum, so back to low can also be bought again. After the U.S. stock market reached its high last night, although the momentum has not changed, but also began to gather momentum,

The market needs more news to guide it. There are still no major economic data out tonight, and federal reserve chairman colin Powell says monetary policy is appropriate,

With the speech continuing tonight, markets will be watching to see if Powell gives further hints about the fed's future interest rate orientation.

The President took to social media last night to congratulate the stock market on its new high, but later stocks fell slightly as trump blamed Powell.

Mr Trump accused the fed of having too high interest rates and too strong a dollar to support exports. He had already blamed America's GDP for reaching 4% if it were not for the fed,

The dow is up 10,000 points. Powell, testifying before the senate financial services committee on the semiannual monetary policy report, said,

Barring a major change in the economy, monetary policy remains appropriate and authorities are concerned about the development of a new outbreak of pneumonia that could hit the Chinese economy and spread globally.

He described the pace of activity growth in the us as moderate, with a further strengthening of the job market, and said the economy appeared able to withstand the global risks that had intensified since last summer.

A good U.S. economic tone, coupled with a strong U.S. dollar on Wall Street, also deprived gold of further momentum.

There was a break in the surf. Gold failed to stabilise above 1570 and retreated further after Powell's testimony to as low as 1562, although there was no follow-up pressure below,

The low bounced back quickly and has since mostly stayed above 1565. Technically, gold has maintained its medium-term rally after a sharp early rebound,

But even if the market continues to run out of momentum, gold prices will have to consolidate further ahead of time, with buying still supporting gold prices at the 1560 level,

But above cannot break 1580 at the same time cannot extend to rise the space, the gold price opportunity lies in this level range to fall. Fed chairman colin Powell continues his speech tonight,

Believe that with the mouth confession 脗 last night will quite consistent, but also need to pay attention to, he will be no future interest rate to bring more inspiration, as the market is lack of important economic data,

Therefore, the content of the speech is more likely to become a market guide.