“Gold Prices Drop as Economic Data Puts Pressure on Market; Fed Officials Hint at Interest Rate Hikes”

On Sunday (April 23), spot gold hit an intraday high of $2,005.58 per ounce at the beginning of the Asian market on Friday and then began to decline; in the European market, the intraday decline was extended and rebounded after a short-term decline; until the U.S. market, due to The economic data released within the day is under pressuregold priceGold rebounded only twice to 1998.1 US dollars per ounce, fell back again, and extended the decline, refreshing the intraday low of 1971.62 US dollars per ounce. As of the close, gold rebounded slightly from the intraday low to close at 1983.02 US dollars per ounce.

The Fed is about to enter a quiet period before its policy meeting in May, and several Fed officials spoke this week pointing to raising interest rates in May to combat high inflation. The prospect helped lift the dollar, putting it on track to avoid a five-week losing streak and leading to a two-week losing streak for gold. However, a series of weak data such as employment and consumption released by the United States recently strengthened the expectation of a U.S. economic recession, which means that this round of tightening cycle is coming to an end, and it may even start to turn to interest rate cuts. .

Gold trend forecast for next week:

On the gold trend: In fact, the operation method of wide-ranging shocks is very simple. The important support and resistance of the large cycle is locked in the range, and the change of the trend rhythm of the small cycle generates trading opportunities. The key lies in whether you can understand the changes in the market in details. This week, the weekly line has a cycle of yin and yang, and the weekly line has also fallen below the May moving average. The daily line is currently showing a low sideways movement after the big Yin line, and the overall market cycle is relatively strong. However, the daily line closed in the negative on Friday, and it stopped falling at 1971 and pulled up, reaching the highest position of 1987, a sign that the short-term bulls are slowing down.

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