Fed meeting minutes hawkish, gold prices rebound after bottoming out near 1800
As of now, gold is temporarily priced at $1812.76 per ounce, with a closing price of $1810.97 per ounce yesterday. The gold price is currently maintaining an overall oscillating trend. Intraday focus is on the high point of $1814.16 per ounce and the low point of $1810.06 per ounce. Last Friday (February 24), gold fell under pressure to its lowest level since 2023 after the US January PCE price index report showed a stronger-than-expected price increase, suggesting that the Federal Reserve may have to continue aggressively raising interest rates and tightening monetary policy to combat inflation. A weekly survey on gold shows that Wall Street analysts remain firmly bearish on gold this week. Although there is no clear majority among retail investors, there is indeed a bearish tendency in the market. This week, the financial markets have been hit by a series of major events and economic data. Due to the hawkish wording in the minutes of the Federal Reserve meeting, several Federal Reserve officials made hawkish remarks, and the Federal Reserve's favorite inflation indicator exceeded expectations. The US dollar surged this week, achieving its best performance since September last year. Gold fell by more than $30 last week due to the sharp rise in the US dollar. Technical analysis of gold: Gold has shown consecutive negative weekly candlesticks, and this week will continue to maintain a weak trend. The price has fallen by $152 since its decline from 1960. Currently, gold is facing a critical support zone of 1795-1788, which is the weekly mid-line and the 0.5 Fibonacci retracement level. If this support level is broken, gold may fall another $50. Conversely, if the support holds, gold will launch a phased rebound. This is also an opportunity for medium-term gold layout.
Time:
2023-02-27 11:30
As of now, gold is temporarily priced at $1812.76 per ounce, with a closing price of $1810.97 per ounce yesterday. Currently, the price of gold is generally maintaining a fluctuating trend. Intraday focus is on the high point of $1814.16 per ounce and the low point of $1810.06 per ounce.
Last Friday (February 24th), gold prices fell under pressure to their lowest level in 2023 after the US January PCE price index report showed a stronger-than-expected price increase, suggesting the Federal Reserve may have to continue aggressively raising interest rates and tightening monetary policy to combat inflation.
The published weekly gold survey shows that Wall Street analysts remain firmly bearish on gold this week. Although no single camp among retail investors holds a clear majority, there is indeed a bearish tendency in the market. This week, the financial markets have been hit by a series of major events and economic data.
Due to the hawkish wording in the Federal Reserve meeting minutes, hawkish remarks from several Federal Reserve officials, and the fact that the Federal Reserve's preferred inflation indicator exceeded expectations, the US dollar surged this week, achieving its best performance since September last year; pressured by the sharp rise in the US dollar, gold fell by more than $30 last week.
Technical analysis of gold: Gold shows consecutive negative weekly candlesticks, and weakness will likely continue this week. The price has fallen by $152 since its decline from 1960. Currently, gold is facing a critical support zone of 1795-1788, which is the weekly mid-line and the 0.5 Fibonacci retracement level. If this support level is broken, gold may fall another $50. Conversely, if the support holds, gold will stage a phased rebound. This is also an opportunity for medium-term gold investment.
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In fact, as gold prices fluctuate, Wall Street's major banks have recently shown a clear divergence in their views on gold prices. Unlike Goldman Sachs and Deutsche Bank, which are optimistic about gold's performance, Citigroup believes that the long-term outlook for gold prices is not optimistic.
Although gold prices rose this week, market volatility has clearly increased. While the US-UK agreement is symbolic, its content is limited and insufficient to alleviate concerns about a global economic slowdown. Therefore, gold prices will continue to fluctuate between safe havens and policy signals, closely monitoring the Federal Reserve's interest rate expectations and global trade sentiment.