PL2406 Platinum JUN4
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Platinum JUN4 News
Gold trade reminder: Recent data boosts Fed rate cut bets, causing gold prices to soar over $30, hitting a two-week high.
On Thursday, the price of gold rose more than 1%, or over $30, reaching a high of $2365.35 per ounce, the highest level in two weeks. It closed at $2359.87 per ounce. Recent U.S. economic data showed signs of slowing, boosting bets on a Fed rate cut this year. The gold price has broken through the key level of the 50-day moving average of $2343.82, and the MACD has formed a golden cross, while KDJ is running with a golden cross. Before breaking through the 50-day moving average, short-term trends tend to be bullish, with resistance above focusing on the high point of June 7th at $2387.59 and resistance near the 2400 level.
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.
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.
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.
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 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 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.
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.
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.
Gold market analysis: ECB rate cut ignites hope for Fed's follow-up, gold prices continue to rise to a two-week high.
Bank of China's Guangdong branch's Wang Gang said that many of this week's economic data from the United States were lower than expected and performed poorly. At the same time, consecutive interest rate cuts by the Bank of Canada and the European Central Bank ignited hopes for the Federal Reserve to follow suit. Next, the market's focus will shift to the May non-farm payroll data in the United States. If the non-farm payroll data also performs weakly, it may put pressure on the US dollar, further increase the market's expectation of the Federal Reserve's interest rate cut, greatly loosen the restraint on gold prices, and give gold a chance to continue to rise.
Gold market analysis: weak employment data + Fed interest rate cuts. Gold prices rose 1.2% to recover from Tuesday's decline.
Bank of China's Guangdong Branch's Wang Gang said that the US ADP employment report was weaker than expected on Wednesday. The Bank of Canada's interest rate cut sparked investors' speculation, and major developed economies, especially the central banks of Europe, the US and the UK, will soon join the rate-cutting camp, indicating the coming of an interest rate-cutting cycle. The strength of US non-farm payroll data on Friday may make it clear whether the Fed will cut interest rates later this year. The demand for gold from central banks around the world is still strong. Potential favorable factors for gold seem to be increasing.
Gold trading reminder: The global central bank's "interest rate cut trend" is surging, and the price of gold seems to be "taking off" again.
Gold price rose more than 1% on Wednesday, closing at $2354.99 per ounce. This came after the released private employment data in the United States was weaker than expected, enhancing the expectation that the Federal Reserve will cut interest rates later this year, and the yield of US Treasury bonds has dropped. In addition, the Bank of Canada lowered interest rates by 25 basis points on Wednesday, and market expects that the European Central Bank will also cut interest rates on Thursday. Global central banks seem to be welcoming a wave of interest rate cuts, and holding gold can help lower the cost and may lead to a new round of rising prices.
Economic data boosted expectations of Fed rate cuts, causing US bonds to fall and gold to rise.
According to the Zhixin Finance APP, on Wednesday, the May ADP report in the USA showed weaker-than-expected private sector employment data, fueling hopes for a rate cut in September by the Federal Reserve, leading to a drop in US Treasury yields and rebound in gold futures.
Gold market analysis: Crude oil and other commodity markets plummet, affecting gold prices.
Wang Gang, from the Bank of China's Guangdong branch, said that gold, which had rebounded on Monday, fell sharply due to the stability of the dollar prior to the release of U.S. employment data later this week. Gold bulls were forced to take profit on Monday's gains before the release of non-farm payroll data, which pushed gold back to its two-week low awaiting the unveiling of the employment data. The downward pressure on commodities also infected gold, making the profit-taking of longs and short-term futures traders the characteristic of Tuesday's gold trend.
Gold Rangebound as Traders Seek More US Data for Fed Cues