At the end of the U.S. market on Thursday, spot gold closed at 1821.63 yuan / ounce, down $30.71 or 1.66%, hitting $1858.66 per ounce at the highest and $1821.19 per ounce at the lowest.
Data released on Thursday showed that the number of initial jobless claims in the United States in the week to May 7 was 203000, the highest since the week of February 12, 2022.
The number of initial jobless claims in the United States unexpectedly increased last week, but the labor market situation has not changed substantially: the demand for workers is still strong, and the shortage is serious. The number of initial jobless claims has been stagnant since it hit a 53 year low of 166000 in March.
Economists attributed the rise in the data for the second consecutive week to fluctuations before and after holidays such as Easter, Passover and school spring break. The tight labor market environment is pushing up wages, keeping inflation at an unbearable high.
The monthly PPI rate of the United States in April announced on the same day recorded 0.5%, the smallest increase since September 2021; The annual rate was 11%, higher than the expected 10.7%. The US PPI annual rate in April exceeded expectations, indicating that the rise in consumer inflation may last longer than expected,
It urges the Federal Reserve to actively raise interest rates. Sustained inflation in production will continue to affect consumer prices. Driven by housing, food, air tickets and new cars, consumer prices rose more than expected in April.
As the conflict between Russia and Ukraine and other factors further put pressure on the supply chain, manufacturers may continue to face higher costs, increasing the possibility that they will pass these costs on to consumers. After the data was released, the US dollar continued to rise and hit a new high of 104.94,
It rose more than 100 points from the day's low and closed at 104.76 in late trading. As a safe haven currency, the US dollar climbed to a 20-year high, which made gold less attractive to other currency holders. Investors worry that tightening monetary policy to curb inflation will damage the global economy.
Although gold is regarded as a hedge against inflation and a safe bet during economic and political turmoil, it is highly sensitive to the rise of U.S. interest rates, which has led to a sharp decline in gold in the near future.
The overnight gold price did indeed break through the support level as scheduled. On Friday, the gold price directly reached the 1808 line in the morning market of the Asian session, indicating that the short sellers were coming fiercely. If the round mark of 1800 dollars is lost, the support area 1790-1780 of the year will be tested below.
On the daily chart, it is obvious that from around 2000 points, it has fallen all the way. The continuous negative entities cover the large positive entities, and the high points are constantly decreasing. There is no sign of rebound in the 50 moving average, and it is always running downward. The K line is also all below the moving average, and the upper resistance is constantly decreasing. Therefore, even if there is rebound in the short term, it is only sporadic short covering transactions, and the general trend seems to continue to be unfavorable to gold!
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