Gold trading reminder: Bulls are fighting back to the price of gold to “touch” 2400, and this week they are also being tested by US CPI and “scary data”

The price of gold climbed 0.6% last Friday to close at 2360.75 US dollars/ounce, recording the best weekly performance in five weeks. Due to recent weak US employment data, expectations for the Fed to cut interest rates were strengthened, driving the rise in non-yielding gold.

FX678 Finance18:55 ET

Gold Prices Climb to 3-week Highs as 'Soft' U.S. Data Support Rate Cuts This Year

Gold futures climbed sharply on Friday, looking to tally their first weekly gain in three weeks, as downbeat U.S. economic data supported the likelihood of Federal Reserve interest-rate cuts this year.

MarketWatchMay 10 10:32 ET

Gold market analysis: lack of data, mediocre trading, gold continues to be sorted out slightly

Wang Gang of the Guangdong branch of the Bank of China said that no important economic data was released this week, trading in the gold market was lackluster, the slight rise in the US dollar in the foreign exchange market limited the upward space for gold, and gold continued to be slightly consolidated. The Federal Reserve hopes to maintain the current high interest rate level until it sees that inflation actually falls within the target range, and at the same time has full confidence that the US economy will achieve a soft landing. Everyone wants to keep interest rates high for a longer period of time, then the US dollar is expected to be boosted, while gold will continue to be suppressed.

FX678 FinanceMay 9 03:29 ET

Spot gold fluctuates and rebounds in the short term, and recent prospects are pessimistic, and traders are hesitant

Given current economic conditions and market sentiment, recent forecasts are pessimistic. The current daily chart shows that traders are hesitant and impending fluctuations.

FX678 FinanceMay 8 08:26 ET

Gold market analysis: Rumor has it that Hamas agreed to a cease-fire agreement, gold risk aversion has declined slightly

Wang Gang of the Guangdong branch of the Bank of China said that Hamas issued a statement on May 6, local time, announcing that it agreed to the proposed cease-fire in the Gaza Strip proposed by the mediator. An Israeli official claims that Israel has received a response from Hamas to the Egyptian side regarding the cease-fire and release of the detainees, and is currently studying the response. The news caused a rebound in risk appetite in the market, which slightly suppressed safe-haven purchases of gold. The statement issued by the Federal Reserve on currency interest rates had more or less a slight impact on the trend of gold.

FX678 FinanceMay 8 00:59 ET

Traders: Spot gold is concerned about support around 2295

Traders indicated that the most recent support level for gold is in the range of $2295-2305. A fall below $2,295 would push gold towards the support level of $2190-2200.

FX678 FinanceMay 7 20:38 ET