Macro Analysis for GOLD
Outlook for this week: international gold / London gold opening early market participants are fewer, the trend of narrow fluctuations, the power of the many slowed down, in addition, the dollar index intraday short-term 1 hour walk disk has stopped falling back up tendency, is to limit the power of the gold price rebound, however; $XAU/USD(XAUUSD.FOREX)$ $Gold - main 2406(GCmain)$
The dollar index daily chart is still running below the middle rail line, Bollinger band tends to move down, with chart indicators MACD also maintain the development of short signal, suggesting that the short term will still be biased towards the fall mainly, and will support gold prices, weekly chart rebound did not break through the 5-week average resistance, the bulls did not further strengthen, will weaken the negative pressure on the price of gold, therefore, gold prices in the short term, it is still difficult to produce a larger and sustained fall in the market. Intraday will be able to focus on the United States in April, the New York Fed 1-year inflation expectations and 2024 FOMC vote, Cleveland Fed President Mester and Fed Governor Jefferson spoke on central bank communication.
Follow-up to last week's unpublished data, inflation data will be biased in favor of negative gold prices; in addition to the latter two officials' speeches, according to the previous point of view, is also expected to maintain a hawkish point of view, and thus the probability of gold prices falling back to close lower today. The opposite is shocked to close higher.
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