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.
Express News | UBS Group reiterated its optimistic view on gold and believes that it should be bought on dips.
Will gold stage a midnight riot? It depends on this position!
Will CPI and the Federal Reserve trigger a gold market explosion? Will tonight be a midnight horror or a midnight frenzy? Both bulls and bears need to pay attention to this important trend indicator.
FXStreet senior analyst: Gold price seems to face risks at this critical support level! How should gold price trade next?
In early European trading on Tuesday, spot gold continued to be under pressure and is currently trading around $2303 per ounce. Dhwani Mehta, a senior analyst at FXStreet, stated that based on the daily chart, the technical aspect of gold is in favor of sellers, and the support level of $2277 per ounce seems to be at risk.
Gold Market Analysis: USA's non-farm data exceeded expectations, causing the gold price to plummet by 100 USD.
Bank of China's Guangdong Branch Wang Gang said that last Friday, gold suffered a severe downward trend due to the impact of strong US employment reports and the suspension of bidding by China. The unexpectedly high non-farm payrolls caused a big reversal in the market, the US dollar skyrocketed, and gold collapsed in a dramatic drop of $100. The China Central Bank's decision to stop buying gold further fueled the market's bearish sentiment. Gold investors are expected to stay on the sidelines before the eagerly anticipated May inflation data and the Federal Reserve's monetary policy meeting, and gold is temporarily in a weaker pattern.
World Gold Council: Gold reserves are becoming increasingly difficult to find, and miners are working hard to maintain production growth.
The World Gold Council stated that it is becoming increasingly difficult to find new gold mines around the world as many promising areas have already been explored.
Gold Edges Lower as Traders Eye US Inflation Data, Fed Meeting
GOLD inched lower on Tuesday (Jun 11) as investors awaited US inflation data and the Federal Reserve’s policy announcement later in the week, after a stronger-than-expected payrolls report on Friday.
Gold trading reminder: After a sharp drop, gold prices rebounded slightly. Pay attention to expectations of US inflation data and resistance near 2315.
After experiencing the largest single-day drop in three and a half years on the previous trading day, the price of gold rebounded on Monday, closing near $2310.71 per ounce as investors waited for US inflation data and the Federal Reserve's interest rate decision later this week. In addition, attention needs to be paid to the resistance level near $2314.64, which provided support for the price of gold several times before Friday’s drop and now has become a strong resistance level. Before breaking through this level, there is still a risk of further downside for the price of gold in the future.
After a sharp drop in gold! World Gold Council: Gold production is becoming increasingly difficult.
China's central bank presses the 'pause button'.
Is the long-term rise in gold prices difficult to stop? World Gold Council: Gold mine production is increasingly unable to keep up with demand.
The most important reason why gold production is difficult to increase is that many promising areas around the world have already been explored, making it increasingly difficult to find new gold mines around the world.
Gold tumbles, yet funds continue to buy on the dip! Where will the market go from here?
Many institutions still believe that gold prices have strong support, especially after the recent volatile adjustments, short-term downside risks may have gradually been released, and the medium-to-long-term gold price is still expected to continue to rise.
USA non-farm payroll is strong, China central bank stops buying, gold suffers from a "double strike"!
On Friday, the price of metal fell below $2,300 per ounce, marking the largest drop in nearly three years. Silver plummeted 7%, and basic metals such as copper, nickel and aluminum also fell sharply.
Express News | Spot gold plummeted more than $60 intraday.