On the eve of the financial storm!In 2023, the gold market was "rare fluctuations", and analysts revealed the truth behind the secrets

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Huitong Finance APP News-On Monday (March 25), at the beginning of the Asian market, the gold quotation stabilized near $ 2167/ounce.Last week’s gold price experience was extremely rare, with a single week of volatility as high as $ 77, which aroused widespread market attention.Behind this trend, FxStreet analyst Eric Sengezer interpreted the gold price last week and made in -depth predictions on this week’s market.

Sengezer’s article pointed out that the price of gold quickly recovered after breaking the historical high, especially after touching the $ 2220/ounce.The US PCE inflation data announced on Friday is expected to have a certain impact on the price of gold.

Although the price of gold has recently recovered, Sengezer believes that from a technical point of view, gold prices still have the potential to rise.He pointed out that the promotion of the optimistic economic data on the United States on the US dollar offsets the negative impact of the Fed’s policy on it, leading to a rapid reversal after a historical high price last Wednesday.

Last week, the gold price closed at US $ 2165.40/ounce. Although it once touched the historical high of $ 222.65/ounce, after the market re -interpreted the Fed’s policy prospects and US economic data, the price of gold had pushed back.According to the US Department of Labor report, the number of non -unemployed funds dropped to 210,000, and the commercial activities of the private sector continued to expand healthy, which boosted the US dollar.In addition, the policy adjustment of the central bank and the British Bank also supports the US dollar.

Sengezer emphasized that there will be a series of important US economic data this week, including the final value of GDP and the personal consumption expenditure price index.He pointed out that the market is expected to have a direct impact on the US dollar and gold prices, and the delayed response of the PCE price index data may appear early next week.

The market estimates that the GDP growth rate of the concentration rate in the fourth quarter will be determined to be 3.2%.The market’s response to GDP data may be direct, and it is still short.Sengezer said that GDP data can be corrected upward to support the US dollar and suppress gold, while GDP data is fixed down to pressure the US dollar.

Sengezer said that although the PCE price index is usually closely watched by market participants, the trading behavior on Friday may remain sluggish because the stock market and the bond market will still be closed due to the day holiday of Jesus.Therefore, the gold price may have a delayed response when the opening of the market next MondayEssenceStronger than the expected core PCE price index may support the US dollar from early next week.On the other hand, market consensus below 0.3%may help gold to gain rising power.

Technically, the price of gold is still in an uplink passage since October last year. Although the relatively strong and weak index fell below 70, it still remained above 60, indicating that the super -buying situation is being amended, and the bullish trend has not changed.

Sengezer said that the short-term support level of gold seems to be at $ 2150/ounce (static level); then it is 2130-2120 US dollars/ounce, which is the position where the simple moving average (SMA) and the point of the upward channel are located on the 20th.The first resistance is at $ 2185/ounce (static level), and the next resistance is at $ 2,200/ounce (the upper limit of the rising channel) and $ 2223/ounce (historical high).

Although the prospect of gold prices is full of challenges, Sengezer is still optimistic about the future of gold.While the market greets a new round of data release, it has remained close attention to the trend of gold prices.

(Spot gold daily map, source: Yihui Tong)

At 08:18 Beijing time, the spot gold quotation is $ 2167.11/ounce.

(Editor in charge: Wang Zhiqiang HF013)

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