Geopolitical situation and economic prospects jointly promote th
Diupdate
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The main tone of the gold market this week is centered on the further development of the situation in the Middle East and the escalation of the conflict between Russia and Ukraine. At the beginning of the week, as Hamas and Israel were tense in the Gaza Strip after the peace talks broke down, Russia deployed non-strategic nuclear weapons, and the price of gold was due to its hedging properties.
However, comments from Fed officials tended to be hawkish, arguing that inflationary pressures remain too high to consider cutting interest rates. This may put some pressure on gold prices, as the weakening expectations of interest rate cuts will weaken investor demand for gold. As a result, gold was silent for two days on Tuesday and Wednesday.
Globally, many major central banks have expressed a willingness to cut interest rates, which is a positive factor for gold. Sweden's Riksbank cut interest rates for the first time since 2016, and support for rate cuts among Bank of England officials also increased. The Swiss National Bank chose to cut interest rates at its March meeting, while the European Central Bank is almost certain to cut rates in June. The Reserve Bank of Australia decided to keep interest rates steady at its recent meeting and made dovish comments. Policy shifts from these central banks have supported gold as they have created an environment of falling interest rates, further increasing the attractiveness of gold prices.
Israeli armored units and military personnel once again gathered around the city of Rafah after two days of silence, causing investors to turn to gold as a safe-haven asset. Rafah is the last major urban center in the Gaza Strip not reduced to rubble, and the collapse of peace talks has made the situation even more unstable, further increasing investor demand for safe-haven assets. On the other hand, the weakness in the U.S. labor market also drove gold prices higher. The latest number of people filing for unemployment benefits in the United States showed an unexpected rise, increasing speculation that the Federal Reserve may cut interest rates early. This data shows that the U.S. economy is facing difficulties in the current high interest rate environment, further stimulating the market to advance expectations of interest rate cuts.
From a technical perspective, the Golden Week chart broke through the 4-hour pressure area and has been trading strongly sideways above the 4-hour support level. On Thursday, it started to rise strongly due to the conflict in the geopolitical situation and the unsatisfactory initial data for the week. Next week, technical attention will be paid to the 4-hour support area below. At the same time, investors will also need to pay close attention to the upcoming economic data and speeches from Federal Reserve officials next week, especially the U.S. Consumer Price Index (CPI) report in May.
This will be the focus next week
The main tone of the gold market this week is centered on the further development of the situation in the Middle East and the escalation of the conflict between Russia and Ukraine. At the beginning of the week, as Hamas and Israel were tense in the Gaza Strip after the peace talks broke down, Russia deployed non-strategic nuclear weapons, and the price of gold was due to its hedging properties.
However, comments from Fed officials tended to be hawkish, arguing that inflationary pressures remain too high to consider cutting interest rates. This may put some pressure on gold prices, as the weakening expectations of interest rate cuts will weaken investor demand for gold. As a result, gold was silent for two days on Tuesday and Wednesday.
Globally, many major central banks have expressed a willingness to cut interest rates, which is a positive factor for gold. Sweden's Riksbank cut interest rates for the first time since 2016, and support for rate cuts among Bank of England officials also increased. The Swiss National Bank chose to cut interest rates at its March meeting, while the European Central Bank is almost certain to cut rates in June. The Reserve Bank of Australia decided to keep interest rates steady at its recent meeting and made dovish comments. Policy shifts from these central banks have supported gold as they have created an environment of falling interest rates, further increasing the attractiveness of gold prices.
Israeli armored units and military personnel once again gathered around the city of Rafah after two days of silence, causing investors to turn to gold as a safe-haven asset. Rafah is the last major urban center in the Gaza Strip not reduced to rubble, and the collapse of peace talks has made the situation even more unstable, further increasing investor demand for safe-haven assets. On the other hand, the weakness in the U.S. labor market also drove gold prices higher. The latest number of people filing for unemployment benefits in the United States showed an unexpected rise, increasing speculation that the Federal Reserve may cut interest rates early. This data shows that the U.S. economy is facing difficulties in the current high interest rate environment, further stimulating the market to advance expectations of interest rate cuts.
From a technical perspective, the Golden Week chart broke through the 4-hour pressure area and has been trading strongly sideways above the 4-hour support level. On Thursday, it started to rise strongly due to the conflict in the geopolitical situation and the unsatisfactory initial data for the week. Next week, technical attention will be paid to the 4-hour support area below. At the same time, investors will also need to pay close attention to the upcoming economic data and speeches from Federal Reserve officials next week, especially the U.S. Consumer Price Index (CPI) report in May.
This will be the focus next week
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