QOMAIN E-mini Gold Futures(AUG4)
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E-mini Gold Futures(AUG4) News
Global central banks are keen on buying gold! The willingness to increase holdings has reached a five-year high, Goldman Sachs is bullish on the gold price reaching $2,700.
According to the survey results, Central banks of various countries increased their gold reserves by 1,037 tons in 2023, the second highest annual purchase volume in history. Previously, the record was set in 2022, which purchased 1,082 tons of gold.
Gold Market Analysis: US retail data shows consumer fatigue, gold rebounds slightly boosted.
Wang Gang, the Bank of China's Guangdong Provincial Branch, said that Tuesday's retail sales data showed signs of fatigue among American consumers. The slowdown in retail sales growth, coupled with rising prices and interest rates, forced families to prioritize basic necessities and cut discretionary spending. The Federal Reserve's tight financial conditions this year seem to have finally put pressure on household budgets. The weaker-than-expected retail sales report increased the possibility of the Fed cutting interest rates within several months. Federal funds rate futures indicate a 67% chance of at least one rate cut by the Fed before the end of September, up from 63% a day ago.
Central bank gold buying plans have not stopped. The market is digesting the US Federal Reserve's strategy. Wells Fargo & Co predicts that gold will enter a six-month period of consolidation.
Investors in gold need to be patient. According to Wells Fargo & Co, as the market gradually adapts to the Fed's maintenance strategy, gold may continue to consolidate throughout the summer.
Express News | Gold is the best tool to hedge against inflation risks related to the US elections, according to Goldman Sachs analysts.
Will tonight's 'scary data' exceed expectations? Will the gold bulls face a test?
Bank of America pointed out that tonight's retail sales data will exceed economists' expectations and gold faces downward risks! The market also needs to pay attention to any hawkish signals from Fed officials...
Gold market analysis: lack of significant fundamental news, gold starts the week on a downward trend.
Wang Gang, Bank of China's Guangdong branch, stated that on Monday, the yield on 10-year US Treasury bonds rebounded after a sharp drop last week, reducing the attractiveness of non-interest-bearing gold to investors. Currently, there is a lack of significant new fundamental news in the market, so investors are looking for direction from external markets until the next major fundamental catalyst appears. The speeches of Federal Reserve officials this week may have some impact. If the Fed officials still adhere to their hawkish attitude of only one rate cut this year, it may put pressure on gold.
Gold trading reminder: hawkish speech from the Fed boosts US bond yields rebound, causing gold prices to fall slightly, pay attention to "terrifying data".
On Monday, the gold price fell by 0.6%, closing at $2318.82 per ounce, because Federal Reserve officials continued to deliver hawkish speeches, which helped push up US Treasury yields. Investors are waiting for more US data and speeches by Fed officials this week to get more clues about the currency policy outlook. Traders are currently closely watching speeches from New York Fed President Williams and Fed Director Cook later. Investors also need to pay close attention to US retail sales data (commonly known as "horror data") released on Tuesday.
The real reason for the weakening of the dollar and the sharp drop in gold prices is here! How to trade after significant gold retracement?
On Monday, despite the weak US dollar, spot gold still significantly declined, and the gold price once fell below $2310/ounce. Analyst Christian Borjon Valencia of FXStreet pointed out that due to the increasing yield of US bonds weakening the market's interest in this non-interest-bearing asset of gold, the gold price started the week unfavorably.
Gold spot is in a consolidation phase, with support at $2300 remaining strong.
After rising more than 1% last Friday, gold was at a disadvantage at the beginning of a new week. The ideal situation at the beginning of this week is for the bulls to push the gold price above the short-term put trendline near $2360. Although there were several attempts to fall below $2300, this resistance level remains strong.
Gold is accelerating its short-term decline! The price of gold has just fallen below $2,320. Institutions' latest analysis of gold trading.
At the end of the Asia market on Monday, spot gold fell sharply in the short term, and the price just fell below the $2320/ounce mark. According to Economies.com, bearish signals have been issued on the technical side for gold, and as long as it remains below $2340.10/ounce, the outlook for gold remains bearish.
Sudden gold market situation! After a sharp drop in gold prices, it quickly rebounded. Two charts show the technical prospects of gold prices. How can investors profit and liquidate?
During Monday's Asian market trading, spot gold suddenly fluctuated and the price plummeted to around 2322 US dollars/ounce, and then rebounded quickly, currently trading near 2328 US dollars/ounce. FXDailyReport analyst Nicholas Kitonyi said that in the 60-minute chart, the price of gold continues to trade within the upward channel.
Weekly gold analysis: Bulls end three consecutive declines, will the gold price restart the bull market? Most analysts are bullish on the future.
The gold market maintained a steady upward trend before the weekend, but there was no significant reaction due to the continued decline in confidence among US consumers and high inflation expectations. Spot gold rose 1.22% last Friday (June 14), closing at $2332.10 per ounce and fluctuating upward throughout the day. It increased by 1.71% last week.
Gold sudden situation! The price of gold rose sharply to nearly $2,320, according to the latest technical analysis by FXStreet senior analyst.
#Gold technical analysis# 24K99 News In early European trading on Friday (June 14th), spot gold accelerated its short-term rise and the price of gold is approaching the $2320/ounce mark, with a daily increase of over $15.
Gold market analysis: Gold price fell instead of rising due to an unexpected decrease in U.S. PPI.
Bank of China's Guangdong branch manager Wang Gang stated in May that US producer prices unexpectedly fell. Combined with the weak CPI data released on Wednesday, it indicates that US inflation has eased somewhat after soaring in the first quarter. However, gold this week has not been able to recover under the influence of bullish data and instead has turned downwards, indicating that the pressure to take profits is still heavy. Influenced by the hawkish attitude of the Federal Reserve, the US dollar remained strong on Thursday, and gold also failed to break away from the trend of profit-taking adjustment.
Gold demand in Asia continues to be strong, and the Chinese market is the biggest driving force.
This year, more than 40 countries are holding elections, making political risks a major theme of the Asia-Pacific metals conference.
Gold Market Analysis: US CPI continues to cool down, gold prices rise but cool off afterwards.
Wang Gang, Bank of China's Guangdong Branch, stated that on Wednesday, the US inflation rate slowed down, stimulating gold prices to surge nearly $30 to $2,341.51 per ounce. Later, the Fed's dot plot diagram showed that it will only cut interest rates once this year, and Powell did not give any new hints about relaxing policies. The Fed's decision-makers have always maintained an ambiguous or even hawkish attitude towards interest rate cuts, which has somewhat disappointed gold investors. The joyful mood brought about by the originally declining inflation rate has also been greatly discounted.
Gold trading reminder: Will the CPI data make the bulls excited, while Powell's dovishness falls short of expectations, leaving opportunities for bears? Institutions summarize their comments.
On Wednesday, the rise in gold prices was blocked. In the morning, due to the May CPI data showing a slowdown in US inflation, gold prices surged nearly $30 to $2,341.51 per ounce. However, the Fed kept interest rates unchanged in a decision, suggesting that there will only be one rate cut this year. Fed Chairman Powell's speech was also less dovish than expected, and gold prices gave back most of their gains, closing at $2,324.71 per ounce, up about 0.35%.
Gold Price Stays Firm as Fed Holds Rates and Tilts Hawkish
Gold trades at $2,318, up 0.13%, supported by lower-than-expected US inflation and falling Treasury yields. as Fed holds rates steady.
World Gold Council: Global central bank gold purchases rebounded in April, with healthy demand.
As of 2024, global central bank demand for gold remains healthy.
Gold Market Analysis: The Federal Reserve's interest rate meeting is imminent and the price of gold is temporarily stable at $2,300.
Bank of China's Wang Gang said that investors are cautious about the Fed's meeting. If Fed policymakers seem to take a hawkish stance and overturn market expectations for a rate cut in November, this could support the dollar and suppress metal prices, and vice versa. If the dot plot is raised and the expected number of rate cuts in the near future is reduced, it could support the dollar and put pressure on metal prices, and vice versa. Another obstacle that gold faces may be the adjustment pressure of the US CPI in May, which is still difficult to relieve.