Super Data Week gold will have a great opportunity
Updated
On May 30th, after several rounds of negotiations, a debt-ceiling deal was finally reached, and is now awaiting approval by both houses of Congress. However, the analysis noted that reduced fiscal spending could have a greater negative impact on the economy after the U.S. economy entered a recession.
Market flash: Gold opened the session at $1,944.36 an ounce, peaking as high as $1,946.54 and hitting as low as $1,938.00. At press time, it was trading at $1,938.59 an ounce, down 0.27%.
Spot gold fell slightly yesterday, the early Asian trading day continued consolidation trend, from the 1 hour chart, green momentum column weak continuation, short momentum is not strong. Gold is still clearly under pressure as the odds of a Fed rate hike in June rise.
Market Overview: Debt Ceiling Deal could Deepen Recession
On May 28, U.S. President Joe Biden said a final deal with McCarthy on raising the debt ceiling was on its way to Congress. On the same day, the House Library of Documents released the 99-page text of the agreement.
The spending limits would apply from the start of the new fiscal year, which begins Oct. 1. Because spending in the next fiscal year is expected to remain at around 2023 levels, the restrictions imposed by the deal will kick in at a time when the economy is likely to slip into contraction. Economists surveyed by Bloomberg had expected the U.S. economy to fall into recession in the second half of the year after GDP fell at a 0.5 percent annual rate in the third and fourth quarters.
Michael Feroli, chief U.S. economist at jpmorgan Chase, said in an emailed response to questions today that fiscal multipliers tend to be higher during recessions, so if the United States were to fall into recession, then reduced fiscal spending would likely have a bigger impact on GDP and employment.
The European Central Bank (ECB) still has more to raise interest rates, ECB governing Council Andreas De Kos said on Monday, adding that the bank is nearing the end of its tightening cycle, but has a long way to go to control inflation.
The world's major central banks are in the final stages of raising interest rates as the risk of recession grows. However, inflation in Europe remains high after several top ECB officials warned that interest rate rises may need to continue beyond the summer to rein in price rises.
Two more hikes are expected by July, according to economists, but the risk that the most aggressive monetary tightening of the euro era will last longer is rising. America had a banking crisis in March, and commercial property risks are building. Mr. Decos, for one, has said Mr. yang's actions are filtering well through the economy and that officials are monitoring the impact on the financial sector of the banking tensions that began in the United States.
Spot gold afternoon: Just a week ago, the odds of a rate hike were as low as 17.4 percent, according to analysis, suggesting people had abandoned expectations of a pause, which helped the dollar rise for a third straight week and weighed on gold prices.
With the likelihood of a Fed rate hike in June rising and technicals about to form a bearish cross, gold prices remain vulnerable. Gold, we have had a very nice run selling gold below 1985 since last week. The 1930 support level is very important today and we will try to buy gold from there first.
In addition, just into the gold market, the capital suffered serious shrinkage, income is not ideal friends, you can pay more attention to me, I will according to your purchase point, the size of the capital, give you a reasonable operation plan. Finally, I wish you all a good deal!
Market flash: Gold opened the session at $1,944.36 an ounce, peaking as high as $1,946.54 and hitting as low as $1,938.00. At press time, it was trading at $1,938.59 an ounce, down 0.27%.
Spot gold fell slightly yesterday, the early Asian trading day continued consolidation trend, from the 1 hour chart, green momentum column weak continuation, short momentum is not strong. Gold is still clearly under pressure as the odds of a Fed rate hike in June rise.
Market Overview: Debt Ceiling Deal could Deepen Recession
On May 28, U.S. President Joe Biden said a final deal with McCarthy on raising the debt ceiling was on its way to Congress. On the same day, the House Library of Documents released the 99-page text of the agreement.
The spending limits would apply from the start of the new fiscal year, which begins Oct. 1. Because spending in the next fiscal year is expected to remain at around 2023 levels, the restrictions imposed by the deal will kick in at a time when the economy is likely to slip into contraction. Economists surveyed by Bloomberg had expected the U.S. economy to fall into recession in the second half of the year after GDP fell at a 0.5 percent annual rate in the third and fourth quarters.
Michael Feroli, chief U.S. economist at jpmorgan Chase, said in an emailed response to questions today that fiscal multipliers tend to be higher during recessions, so if the United States were to fall into recession, then reduced fiscal spending would likely have a bigger impact on GDP and employment.
The European Central Bank (ECB) still has more to raise interest rates, ECB governing Council Andreas De Kos said on Monday, adding that the bank is nearing the end of its tightening cycle, but has a long way to go to control inflation.
The world's major central banks are in the final stages of raising interest rates as the risk of recession grows. However, inflation in Europe remains high after several top ECB officials warned that interest rate rises may need to continue beyond the summer to rein in price rises.
Two more hikes are expected by July, according to economists, but the risk that the most aggressive monetary tightening of the euro era will last longer is rising. America had a banking crisis in March, and commercial property risks are building. Mr. Decos, for one, has said Mr. yang's actions are filtering well through the economy and that officials are monitoring the impact on the financial sector of the banking tensions that began in the United States.
Spot gold afternoon: Just a week ago, the odds of a rate hike were as low as 17.4 percent, according to analysis, suggesting people had abandoned expectations of a pause, which helped the dollar rise for a third straight week and weighed on gold prices.
With the likelihood of a Fed rate hike in June rising and technicals about to form a bearish cross, gold prices remain vulnerable. Gold, we have had a very nice run selling gold below 1985 since last week. The 1930 support level is very important today and we will try to buy gold from there first.
In addition, just into the gold market, the capital suffered serious shrinkage, income is not ideal friends, you can pay more attention to me, I will according to your purchase point, the size of the capital, give you a reasonable operation plan. Finally, I wish you all a good deal!
Trade active
GOLD 1932-1935BUY TP 1948-1950-1960 SL1929Trade active
Now you can continue to buy gold from 1950 to 1955, tp1975 to 1980Trade active
Gold is on a rapid rise, fully in line with our call. The 1930 support is currently very effective and we can continue to hold buy orders. Let's see if it hits our target againTrade active
Gold keeps going up. We can close the 1955 order and keep the 1935 order.Trade active
Gold keeps going up. We can close the 1955 order and keep the 1935 order.Trade active
We started buying in 1935 and explicitly stated tp1975-1980, and now we've reached our target, and only if you keep buying in that range will your account multiply many times, that's the clear signal.Trade active
We started buying in 1935 and explicitly stated tp1975-1980, and now we've reached our target, and only if you keep buying in that range will your account multiply many times, that's the clear signal.Trade active
There is only one theme this week, that is to buy, find the right position to buy you can make a huge profit, it is as simple as that, my members have made 300% profit this week, today and tomorrow are the most critical two daysTrade active
Keep orders bought in 1935, then continue buying in the 1955-1960 range, target 1985-2000Trade active
Orders bought in 1935 and 1955 arrived exactly near our target of 1985.Trade active
Orders bought in 1935 and 1955 arrived exactly near our target of 1985.Trade active
GOLD finds the right opportunity to continue buying, gold will break 2000 today.Trade active
Gold 1970buy tp1995-2005Trade active
Gold has once again reached a great buying opportunity. If it breaks through 1985, tp2010-2015Trade active
Hold the 1961 purchase order and wait for 2015-2020
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