Gold prices rebounded, and the phenomenon of "buying on dips" appeared after hitting the low of the week earlier. In addition, the US Trade Court ruled that President Donald Trump's tariffs on major trading partners exceeded his authority, which attracted market attention. Investors' focus has gradually shifted to the US core inflation data to be released this week.
So far, the price of gold has risen by 0.91%, and the price has fluctuated around 3315. It hit the lowest point since May 20 during the European and Asian sessions.
The cyclical market presents a three-wave pattern. The first two periods showed a trend of rising first, then falling, and then rising again. It is currently entering the third period. The current rally has basically ended and will usher in a small decline.
I believe that the current rise in gold is partly due to technical covering, while economic uncertainty continues to support gold prices amid ongoing US debt problems and global trade tensions.
In addition, there are reports that the United States has ordered a large number of companies not to export goods to China without permission, and revoked the export licenses that some suppliers have obtained.
The current market is focusing on the US GDP data to be released later and the core personal consumption expenditure price index to be released on Friday. These two data will become an important basis for judging the future interest rate path of the Federal Reserve.
I will also pay attention to the release of news in a timely manner so as to update you in time on the impact of news on gold prices. Please be patient, traders.
So far, the price of gold has risen by 0.91%, and the price has fluctuated around 3315. It hit the lowest point since May 20 during the European and Asian sessions.
The cyclical market presents a three-wave pattern. The first two periods showed a trend of rising first, then falling, and then rising again. It is currently entering the third period. The current rally has basically ended and will usher in a small decline.
I believe that the current rise in gold is partly due to technical covering, while economic uncertainty continues to support gold prices amid ongoing US debt problems and global trade tensions.
In addition, there are reports that the United States has ordered a large number of companies not to export goods to China without permission, and revoked the export licenses that some suppliers have obtained.
The current market is focusing on the US GDP data to be released later and the core personal consumption expenditure price index to be released on Friday. These two data will become an important basis for judging the future interest rate path of the Federal Reserve.
I will also pay attention to the release of news in a timely manner so as to update you in time on the impact of news on gold prices. Please be patient, traders.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.