On Friday, the United States released the University of Michigan consumer confidence index for May and one-year inflation expectations. From a data point of view, the University of Michigan Consumer Confidence Index recorded 69.1, higher than market expectations of 67.5 and the previous value of 67.4, ending a three-month downward trend. At the same time, judging from the one-year inflation rate expectation, the announced value of 3.3% has declined compared with the previous value and the expected value. On the one hand, the U.S. CPI data fell slightly in April, and the stability of prices also enhanced the market’s consumer confidence. On the other hand, the cooling of the job market has also led to a decline in inflation expectations. This also caused a slight increase in expectations for interest rate cuts, temporarily limiting gold's downside.
From a technical perspective: Gold is in a volatile upward trend.