Gold Trade Reminder: Is the turning point here? Federal Reserve rate cut expectations VS strong US dollar, a fierce battle at the 3260 life and death line.
On Thursday (May 1), during the Asian market's early session, spot Gold continued its decline, trading around $3274.55 per ounce, a drop of about 0.4%. Prior to this, Gold prices had fallen for two consecutive days, with a plunge to $3267.07 on Wednesday, approaching the key Resistance of $3260, a near two-week low established last week. This fluctuation reflects the market's divergence in expectations regarding the Federal Reserve's policy: on one hand, weak economic data from the USA supports expectations of interest rate cuts; on the other hand, the rebound in the USD and US Treasury yields suppresses Gold's appeal as a safe-haven asset. Key technical signals: $3260 has become the short-term "bull-bear dividing line". If
World Gold Council quarterly report: Bullion, ETF purchase spree, Gold demand sees the strongest start in nine years.
① The World Gold Council report states that in the first quarter of 2025, global gold demand is expected to grow by 1% year-on-year, reaching 1,206 tons, setting the strongest demand record for a first quarter since 2016; ② The report indicates that retail investors continue to Buy gold bars and coins, the investment enthusiasm for Gold ETF has also reignited, and central banks across various countries continue to purchase gold to diversify their Forex reserves.
Technical analysis: Spot Gold will retest the Resistance level of 3293 dollars.
On Wednesday (April 30) during the Asian session, spot Gold fluctuated within a narrow range, currently trading around 3311.48 dollars/ounce. Reuters' Analyst pointed out that spot Gold is expected to retest the Resistance level of 3293 dollars per ounce, and a drop below this level could open the way to 3165 dollars. The rebound triggered by the Resistance is driven by wave B, which is the second wave of correction since 3,501 dollars. This wave of correction seems to be confined within a Range of 3265 to 3373 dollars. A breakthrough at 3373 dollars would trigger a move towards the range between 3422 dollars and 3501 dollars.
Gold Trade Reminder: Trump's tariff sticks loosen, long and short positions wrestle, GDP and PCE data make a significant impact.
On Wednesday, April 30th, during the early Asian market, spot Gold fluctuates narrowly, currently trading around $3,315.16 per ounce. On Tuesday, Gold prices fell by 0.8%, closing at $3,317.06 per ounce, as the Trump administration suddenly softened its stance on auto tariffs, putting pressure on the safe-haven asset Gold, while the USD rebounded. Today's trading day will welcome the USA's Q1 GDP data and March PCE data, as this major reshuffling of asset prices sparked by a policy shift is drawing market focus back to the Federal Reserve's policy direction and the economic fundamentals. The policy change triggered a market earthquake, as Trump signed an executive order on Tuesday.
Update: Gold Trades Lower as Dollar Rises Ahead of Coming Economic Data
Gold Futures End Higher
