Shenzhen Jinliyin Precious Metals Co., Ltd.

&Phone QQ This Friday's US monthly non-farm payrolls data will have an important impact on short-term price trends
The closely watched first-quarter GDP (D) of the US last Friday has finally settled. Although the data has declined, the overall decline is still smaller than expected, indicating that the U.S. economic recovery maintains a good momentum. The U.S. dollar index fell slightly after rising last week, and stayed in the vicinity to consolidate. It failed to provide much short-term support for international spot gold prices. Gold prices first declined and then rose in the short term, testing support near the U.S. dollar/ounce and then returning to consolidation near the U.S. dollar/ounce. It is expected that the short-term long and short forces of gold prices may continue to compete repeatedly at this level.
Basically, the Greek problem in Europe has cast a gloomy light on the Eurozone economy. Compared with the United States, although the economic growth slowed down in the first quarter due to some temporary factors such as climate, recent data released by the United States shows that the U.S. economy is recovering steadily in the second quarter. Therefore, with one thing going down and the other going up, it is expected that the U.S. dollar index will still have room to rise further in the future, which will continue to put pressure on gold prices in the future.
There are many big data this week. In addition to the interest rate decisions announced by the Reserve Bank of Australia, the European Central Bank and the Bank of England, this Friday there will also be the finale of the US monthly non-farm payroll data. The non-farm payroll data is an important reference for the Federal Reserve to raise interest rates. It is expected that the release of this data may have an important impact on short-term price trends, so stay tuned.
From the perspective of technical trends, the weekly chart shows that after the gold price surged and fell in January, the price has returned to the starting point again. It shows that the selling pressure above gold prices is still heavy. The market outlook will focus on the struggle for support near the USD/Ounce. If the price of gold fails to hold this support in the short term, the market outlook may fall to test the low of ~USD/oz this year. In terms of trading, activist investors can go short near US$/ounce, target US$/ounce, and stop loss when the price exceeds US$/ounce. It is better for prudent investors to wait and see.