🖥 GOLD MARKET ANALYSIS AND COMMENTARY - [April 01 - April 05]
Updated
This week, international gold prices rose sharply from 2,163 USD/oz to 2,236 USD/oz, closing at 2,233 USD/oz. The increase is attributed to positive US economic growth in Q4 2023, although it slowed compared to previous quarters. Inflation is also decreasing, leading investors to anticipate interest rate cuts by the FED from June onwards.
The forecast for March 2024 non-agricultural employment (NFP) is 198,000 jobs, down from the previous period's 275,000. If this forecast is accurate, it will support the expectation of an interest rate cut by the FED, causing gold prices to rise. However, if NFP exceeds expectations, it could negatively impact gold prices. Additionally, the tone of the Fed Chairman's speech next week is uncertain.
Gold prices are expected to rise in the long term due to the slowdown of the US economy and the potential recession risks. The inverted bond yield curve indicates that the FED will likely implement three interest rate cuts this year. Central banks buying gold will also support its long-term prices. However, there is a short-term risk of profit-taking by investors, particularly ETFs.
📌According to technical analysis, gold prices are still in an uptrend and may reach $2,300/oz. If economic data is negative, prices may face profit-taking pressure with support levels at $2,150-2,100-2,080/oz. Trading plan: sell at $2,300 and buy at $2,150.
The forecast for March 2024 non-agricultural employment (NFP) is 198,000 jobs, down from the previous period's 275,000. If this forecast is accurate, it will support the expectation of an interest rate cut by the FED, causing gold prices to rise. However, if NFP exceeds expectations, it could negatively impact gold prices. Additionally, the tone of the Fed Chairman's speech next week is uncertain.
Gold prices are expected to rise in the long term due to the slowdown of the US economy and the potential recession risks. The inverted bond yield curve indicates that the FED will likely implement three interest rate cuts this year. Central banks buying gold will also support its long-term prices. However, there is a short-term risk of profit-taking by investors, particularly ETFs.
📌According to technical analysis, gold prices are still in an uptrend and may reach $2,300/oz. If economic data is negative, prices may face profit-taking pressure with support levels at $2,150-2,100-2,080/oz. Trading plan: sell at $2,300 and buy at $2,150.
Note
Note
After the holiday, world gold prices continued to increase rapidly. The main reason may be that central banks around the world continue to buy physical gold. Rising demand has directly impacted gold prices, pushing prices to record highs.Note
Precious metals markets have benefited from expectations of interest rate cuts by the Fed. In addition to investors buying to seek profits, the need for safe havens increased sharply at central banks.The price of substituted gold may increase to 2,300 USD/ounce in the second quarter of this year, when the demand for gold to shelter cash flow continues to increase due to geopolitical tensions.
Note
Canada's March S&P global manufacturing PMI was higher than February+++ Canada's March S&P global manufacturing PMI: 49.8, just below 50
+++ Previous: 49.7
Note
Wait until the morning Gold hour drops to 39-40 then it's good to get in. With a low back like this, it's not easy to dodge sweeps.DXY and Gold in the same phase often sweep randomly
Note
Gold rises above $2,270 as USD weakens slightly following the release of February JOLTS job openings data as expectedNote
Gold prices continued their record march during trading on Wednesday, as fears of inflationary pressures boosted demand for bullion as a means of hedging, with traders ignoring doubts about an imminent cut in US interest rates and rising Treasury bond yields.Note
IMPORTANT ALERT🇺🇸10 Minutes Left For One Of Most Important Economic News
🟢 U.S. ISM Non-Manufacturing Prices
🟢U.S. ISM Non-Manufacturing Purchasing Managers Index (PMI)
Note
In the April 3 session, gold was supported when the ISM services PMI report dropped to 51.4 compared to the initially estimated level of 52.8. The precious metal fell to $2,267 early in the European session but then rebounded sharply and ended the day at $2,293 after the PMI data was released.Note
The gold market reached a new high of $2,339.57 per ounce, driven by the US economy's strong job growth and low unemployment rate. Wages, however, showed minimal increase in line with expectations.
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