This week, the international gold price has been on a downward trend since it hit a record high, falling more than $100 from its high. At the close, COMEX gold futures fell 0.99% to $2,867.3/ounce, with a cumulative decline of 2.91% this week. London gold fell 0.68% to $2,856.998/ounce, with a cumulative decline of 2.66% this week.
Impact analysis
The changes in the situation of the Russian-Ukrainian conflict have a significant impact on the price of gold, but the recent Russian-Ukrainian conflict may usher in a grand finale. If the conflict ends in the short term, the safe-haven function of gold will be weakened, and the possibility of a sharp rise in the international gold price will also be reduced.
The Atlanta Fed GDPNow model predicts that the US GDP growth rate in the first quarter of 2025 will be -1.5%, which was previously expected to be 2.3%. Concerns about economic recession have led to a rise in the US dollar, and the US dollar and gold are usually negatively correlated, which in turn suppresses the price of gold.
From the current technical and news perspectives, gold still has short-term correction pressure. If the support level near $2,860 fails, it may further drop to $2,830 or even lower, but if new tensions emerge in the geopolitical situation, or if poor economic data triggers market concerns about a recession, gold may get support and rebound.
At present, we need to pay attention to the market reaction after Trump's tariff policy is implemented on March 4, as well as the Federal Reserve's interest rate meeting and US PCE data, and non-agricultural data. This may be a chance for traders to turn around and the key to open the door to wealth.
If you don't know when to enter the market, you can leave me a message. If you need help, David will always be here, but if you don't even extend your hand, how can I help you? . .
GOLD GOLD GOLD
Impact analysis
The changes in the situation of the Russian-Ukrainian conflict have a significant impact on the price of gold, but the recent Russian-Ukrainian conflict may usher in a grand finale. If the conflict ends in the short term, the safe-haven function of gold will be weakened, and the possibility of a sharp rise in the international gold price will also be reduced.
The Atlanta Fed GDPNow model predicts that the US GDP growth rate in the first quarter of 2025 will be -1.5%, which was previously expected to be 2.3%. Concerns about economic recession have led to a rise in the US dollar, and the US dollar and gold are usually negatively correlated, which in turn suppresses the price of gold.
From the current technical and news perspectives, gold still has short-term correction pressure. If the support level near $2,860 fails, it may further drop to $2,830 or even lower, but if new tensions emerge in the geopolitical situation, or if poor economic data triggers market concerns about a recession, gold may get support and rebound.
At present, we need to pay attention to the market reaction after Trump's tariff policy is implemented on March 4, as well as the Federal Reserve's interest rate meeting and US PCE data, and non-agricultural data. This may be a chance for traders to turn around and the key to open the door to wealth.
If you don't know when to enter the market, you can leave me a message. If you need help, David will always be here, but if you don't even extend your hand, how can I help you? . .
GOLD GOLD GOLD Note
All traders, stay tuned and enter my trading center. I will help you survive in this cruel market.
Continuously release precise trading plans to lead members to expand profits, with a stable profit of 988% every month. If you have not made a profit yet, then join us. t.me/fahsufnwks
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Continuously release precise trading plans to lead members to expand profits, with a stable profit of 988% every month. If you have not made a profit yet, then join us. t.me/fahsufnwks
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.