PLMAIN Platinum Futures(JUL4)
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Platinum Futures(JUL4) News
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.
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.
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.
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.
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.
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.
Gold trading reminder: The US still believes it can break the cease-fire impasse, the US dollar rebounds, and the price of gold falls slightly. Follow the FED official's speech
Gold prices fell on Tuesday following the rise on the previous trading day. The Israeli army seized Rafah and blocked aid routes. The US still believes it can break the cease-fire impasse and suppress safe-haven demand for gold, but the price of gold has not dropped much because traders are still watching the prospects for the Federal Reserve to cut interest rates.
Gold market analysis: speculations of interest rate cuts heating+the situation in the Middle East escalates, and the morale of gold bulls is picking up
Wang Gang of the Guangdong branch of the Bank of China said that US non-farm payrolls data showed that employment growth slowed more than expected in April. The CME (CME) FedWatch federal observation tool shows that the market expects the possibility of cutting interest rates in September to increase to 66%. The US dollar index has been declining for several consecutive trading days. Next, as long as the US economic data performance is not that strong, there will be room for further decline, and optimism about gold may also be revived. Continued tension in the Middle East also seems to revive the bullish morale of gold.
Technical analysis of spot gold: the bottom of the bulls may have formed
As the latest April American Institute for Supply Management (ISM) manufacturing and services PMI data shows, the risk of stagflation still lingers. A situation where the risk of stagflation has not been fully absorbed may support a bullish trend for gold. Focus on gold's mid-term key area of $2260 - $2,210.
Gold market analysis: US non-agricultural agriculture is currently cool, and gold is under pressure to adjust profits
Wang Gang of the Guangdong branch of the Bank of China said that although US employment data was unexpectedly weaker than expected, gold fell to a one-month low on Friday as investors continued to make profitable trade adjustments, continuing the correction trend entered after last month's sharp rise. Gold not only failed to rise sharply after the publication of a balanced and favorable employment report, but instead attracted a significant return in profits, which indicates that bulls are becoming more cautious after experiencing a significant rise in April.
Gold trading reminder: Inflation concerns continue, market bullishness has cooled down, and there is little hope for a cease-fire in Gaza. Is there any chance for the bulls?
Spot gold weakened slightly and is currently trading around US$2298.76 per ounce. Although US employment data was weaker than expected, gold fell to a one-month low last Friday, continuing the corrective trend entered after last month's sharp rise, as investors' profits settled and geopolitical risks mitigated.
Gold Price Declines on Upbeat Market Mood
Gold price has fallen almost a percentage point lower on the back of improving risk sentiment.
Gold market analysis: Bank of Japan interferes with the dollar falling and gold prices are calmly awaiting important events
Wang Gang of the Guangdong branch of the Bank of China said that although it was reported on Monday that the US dollar index fell slightly due to market intervention by the Bank of Japan, the impact on gold seemed limited. Gold market participants are basically focused on waiting for the Federal Reserve's interest rate meeting on Wednesday and the non-farm payrolls report on Friday, hoping to get a glimpse into the Fed's interest rate trend. Furthermore, the strength of the non-agricultural sector on Friday, especially wage growth, will be a key influencing factor disrupting the gold trend.
Gold market analysis: This week ushered in the Fed's decision and non-agricultural gold prices to remain stable
Wang Gang of the Guangdong branch of the Bank of China said that the US inflation data showed no signs of slowing down last Friday. Since the beginning of 2024, the PCE short-term trend favored by the Federal Reserve has been rising steadily. This triggered the market to confirm expectations that the Fed may postpone interest rate cuts until later this year, and it is expected that the Fed will show a hawkish trend at the May interest rate meeting. The Federal Reserve will announce its monetary policy decision on May 1. The market expects the Fed to keep the policy interest rate of 5.25% to 5.5% unchanged.
Gold Soars Against The Odds: Eastern Buying Spree Or 1970s Redux? Billionaire Investor David Einhorn Thinks There's A 'Secular Trend'
Gold has been on a remarkable rise in 2024, reaching record highs. The surge is attributed to a combination of factors, including the de-dollarization trend, central bank buying, and increased demand
We're Getting Whiffs of Stagflation, Sosnick Says
Steve Sosnick, Interactive Brokers chief strategist, says the push-pull between stocks and bonds is getting a little nerve racking. He says the bond market is starting to get a little stressed. He is on "Bloomberg Markets: The Close."
Gold market analysis: US data was mixed on Thursday, with a slight rise in gold prices and continued to stabilize
Wang Gang of the Guangdong branch of the Bank of China said that after the US released mixed economic data on Thursday, the general decline in the US dollar gave gold a certain boost and remained stable. Although gold rose on the same day, the increase was slight, indicating that investors are still afraid of the March PCE price index to be announced on Friday. It is expected that Friday's response to the strength or weakness of inflation data will cause large fluctuations in the gold market.
Gold trading reminder: Poor US GDP is dragging down the US dollar, and gold prices stick to key support to meet US PCE data
The US GDP growth rate for the first quarter, which was released on Thursday, fell short of market expectations, dragging down the US dollar index to a low level of nearly two weeks, helping the price of gold stay above the key support in the middle of the Bollinger Line. Although US Treasury yields rose after economic data showed signs of stubborn inflation, it dampened hopes that the Federal Reserve would cut interest rates soon.
Spot gold prices climbed as the US dollar weakened before GDP data was released
Spot gold is trending downward in the short term, but gold is still well supported by medium- to long-term trends.
Gold market analysis: I hope the end of the week data will give clues, sort out the price of gold in a narrow range and wait for the results
Wang Gang of the Guangdong branch of the Bank of China said that the price of gold stabilized on Wednesday, and spot gold closed slightly below the closing price of Tuesday at $2311.69 per ounce. The risk premium caused by the Middle East tension has eased, and investors are closely watching the US economic data to be released later this week. These data may provide clues about the Federal Reserve's monetary policy path. After a sharp decline in the previous few trading days, gold entered a narrow range and waited for data results.