Reposted from: Xinhua Finance
Xinhua Finance, Beijing, April 20. In terms of fundamentals, the Federal Reserve noted in the Beige Book released yesterday that the general economic activity in the United States stagnated in the weeks from the end of February to the first ten days of April. Data from several regions shows that , Transport and freight volumes have also remained flat or even declined. Overall, residential real estate sales and new construction activity moderated modestly, non-residential construction was little changed while sales and leasing activity was flat to decline overall; the number of loans and the demand for loans generally fell across consumer and business loan types. Several areas noted that banks have tightened lending standards due to increased uncertainty and concerns about liquidity. Most regions reported steady growth in demand and sales of non-financial services. Agricultural conditions have remained largely unchanged in recent weeks, while energy markets have seen some weakness. The overall tone of the report was more pessimistic than the previous one and could reinforce the possibility that Fed policymakers will delay rate hikes after the May meeting, adding to recession fears, in line with the results Fed economists predicted at the meeting the month of March.
From a technical perspective, the price of gold continued to test this week’s first support of $1,970 yesterday, and then rebounded quickly to around $2,000 in a sideways trade. Although the rebound was acceptable, the price of gold was still running below the threshold from $2,011 this week, which shows that the current trend still has a distinct advantage for the bears. From the 4 hour graph, the gold price has not escaped the shackles of the bear model yet, and we the possibility of a further decline can be ruled out The lowest support is centered on yesterday’s low of $1970. If it falls below this position, the support will be adjusted Around $1944, the top continues to pay attention to see if the bulls can regain a solid foothold in the $2011 threshold. If it breaks through in this situation, the resistance will be adjusted to around $2041. The above suggestions are all personal opinions and are for reference only.
[Amser Aur]is developed by Xinhua Finance andChina’s goldA special column focusing on the gold and jewelery market jointly created by the newspapers covers policy dynamics, investment information, risk analysis, etc. of the gold and jewelery industry, and provides authoritative financial information services, professional and comprehensive in the gold and jewelery field. Xinhua Finance is a national financial information platform hosted by Xinhua News Agency.
Editor: Guo Zhouyang
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