Gold rose strongly on Thursday, once again setting a new all-time high of $2,236. At the same time, the market was closed all day on Friday due to Good Friday, which meant that gold closed on Thursday, which was also the end of the month. The price of gold rose by $189 in March. This It was gold's best monthly performance in the past three years.
Wolfinance star analysts believe that the rise in gold prices is mainly driven by expectations of an interest rate cut by the Federal Reserve and strong demand for safe havens. In particular, investors have high expectations for the Federal Reserve to cut interest rates in June, which forms an important support for the rise of gold.
Judging from overnight news, the number of people filing for unemployment benefits in the United States last week was 210,000, slightly lower than expected, showing that the U.S. labor market is still strong. The final value of U.S. real GDP in the fourth quarter was 3.4 %, higher than market expectations of 3.2%. In the fourth quarter, The final value of personal consumption expenditures was 3.3%, 3% higher than market expectations. Data showed that the U.S. economy has shaken off worries about recession, and its economic growth rate exceeded that of other developed countries in the world. In addition, the final value of the U.S. PCE price index in the fourth quarter was 2%. Lower than market expectations of 2.1%, indicating that core inflationary pressures have eased
The market focus during the day is mainly focused on the US February PCE data and Fed Chairman Powell's speech on the theme of macroeconomics and monetary policy. Since the market is closed on Friday, affected by the PCE data and Powell's speech, gold will likely open next week. Investors should pay attention to the risks in a short-gapping market. If PCE data shows that U.S. inflation is slowing down and Powell's speech is dovish, gold may open higher, otherwise it may open lower, and the overall direction is still upward.
Current operating advice: Judging from the 60-minute chart, gold's current 20-day, 50-day, and 200-day moving averages are in a divergent pattern. The bullish trend is very strong and it is difficult to change the upward trend in the short term.
Pay attention to the $2215-2223 range. If the price falls back to this range, you can go long. If the PCE data is not conducive to gold's rise, the price may fall to the $2,200-2,210 range. However, the overall trend remains upward.
Wolfinance star analysts believe that the rise in gold prices is mainly driven by expectations of an interest rate cut by the Federal Reserve and strong demand for safe havens. In particular, investors have high expectations for the Federal Reserve to cut interest rates in June, which forms an important support for the rise of gold.
Judging from overnight news, the number of people filing for unemployment benefits in the United States last week was 210,000, slightly lower than expected, showing that the U.S. labor market is still strong. The final value of U.S. real GDP in the fourth quarter was 3.4 %, higher than market expectations of 3.2%. In the fourth quarter, The final value of personal consumption expenditures was 3.3%, 3% higher than market expectations. Data showed that the U.S. economy has shaken off worries about recession, and its economic growth rate exceeded that of other developed countries in the world. In addition, the final value of the U.S. PCE price index in the fourth quarter was 2%. Lower than market expectations of 2.1%, indicating that core inflationary pressures have eased
The market focus during the day is mainly focused on the US February PCE data and Fed Chairman Powell's speech on the theme of macroeconomics and monetary policy. Since the market is closed on Friday, affected by the PCE data and Powell's speech, gold will likely open next week. Investors should pay attention to the risks in a short-gapping market. If PCE data shows that U.S. inflation is slowing down and Powell's speech is dovish, gold may open higher, otherwise it may open lower, and the overall direction is still upward.
Current operating advice: Judging from the 60-minute chart, gold's current 20-day, 50-day, and 200-day moving averages are in a divergent pattern. The bullish trend is very strong and it is difficult to change the upward trend in the short term.
Pay attention to the $2215-2223 range. If the price falls back to this range, you can go long. If the PCE data is not conducive to gold's rise, the price may fall to the $2,200-2,210 range. However, the overall trend remains upward.