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International Gold Tuesday (Month) Asian market early trading It opened at .USD/oz and hit the lowest level of .USD/oz. USD/oz closed at .USD/oz. The US dollar fell by .%. The news was light overnight and the market lacked trading momentum. Most investors chose to continue to wait and see.
A report released by Red Book Research Institute () yesterday showed that US chain store sales increased at an annual rate of .% in the week of March 2018, which was an increase of .% in the previous week. The U.S. Red Book commercial retail sales fell by .% on a month-on-month basis in the week of March 27, 2020, when they increased by .% in the previous week. This data mainly reflects the prosperity of the retail industry. But its impact on gold trends is limited.
Analyst R from Société Générale said Yellen was uncommitted and did not give a time frame for raising interest rates. There's a bit of hesitation here. The non-agricultural data makes us have a little instinctive reaction that gold is hesitant to go now.
The manager of Baring Asset Management ( ) in London said in an interview yesterday that gold prices may have bottomed out, although how long the bottom will last is uncertain. r indicates that gold prices will be supported by various political risks in the coming months such as Brexit, US monetary policy, Spanish and US elections. On the physical gold front, he noted that the world appears to be approaching peak production as gold mines are depleted. Mid-sized producers seek to expand through mergers and acquisitions rather than financing exploration.
In a report released yesterday, the research institution stated that gold was in a narrow trading range during the Asian market period, fluctuating between the moving average and Fibonacci.%. As the price of gold stabilizes above., it is still possible to rise during the day. As long as the position of. can hold, gold will remain bullish.
Of course, there are different views. For example, commodity financial analysts believe that the rise in gold prices has been temporarily suspended from both macro and technical charts. The price of gold will fall to the US dollar in the next month.