Fundamentals:

With the release of the first-quarter GDP report, the U.S. GDP declined by -1.5% year-on-year in the first quarter, which also made the market worry about whether the Fed’s future interest rate hikes will bring the U.S. economy to a soft landing.

As the US GDP declined by -1.5% in the first quarter, the Fed was not as strong as it used to be in the minutes of last week’s Fed meeting, and Fed officials were more cautious about raising interest rates after July, and some Fed officials called for a halt in rate hikes in September. The poor performance of U.S. GDP in the first quarter has cooled traders’ expectations for the Fed to raise interest rates after July, and the current market focus is on how much damage the Fed’s interest rate hikes will do to the U.S. economy.

The recent performance of various economic data in the United States has been mixed. The manufacturing and service industry data performed poorly, but the retail sales data showed strong performance. Although the consumer confidence index was low, the retail sales data still recorded growth, indicating that the US economy is still on the right track for recovery.

The World Monetary Fund lowered its forecast for global economic growth and reiterated the seriousness of the challenges posed by rising global inflation to the global economy. With the soaring global inflation, central banks around the world have successively raised interest rates to curb inflation. What comes is damage to economic growth.

The EU passed the agreement on the energy embargo against Russia, which has increased the global energy supply tension. With the easing of the epidemic in Asia, the increase in demand has intensified the market’s worries about crude oil supply. The EU’s sanctions against Russia have also intensified risk aversion of warming.

Technical side:

The price of gold in the weekly cycle re-stands above the 200-day moving average, and the upward momentum of the gold price in the short-term still exists. The price of gold has traded in the 1840-1870 range for six consecutive transactions in the daily weekly cycle, and there is no clear short-term gold price. Direction, the short-term trend of gold in the four-hour cycle is obviously in the form of shock and consolidation, pay attention to the 1845-1864 range, the one-hour cycle of gold is under pressure below 1856, and the short-term trend is weak, pay attention to yesterday’s low of 1845, if the intraday price breaks below 1845 again Location, the price of gold is expected to test the price in the 1840-1835 range. Generally speaking, there is no clear direction for gold in the day, and it will continue to be dominated by shock and consolidation. Intraday short-term transactions focus on the competition in the 1840-1856 range, and intraday short-term transactions can be found at In this range, sell high and buy low.

Analyzed by: Mr. Duke Ruan, Independent Analyst