Huitong Financial App News——On Tuesday (February 6), the price of gold **06% to 2,035 per ounce$89, a slight departure from the lowest point since January 25 in the previous session. The retreat in the dollar and Treasury yields on Tuesday eased the downward pressure on gold prices slightly. For now, traders await the speeches of several US Federal Reserve (Fed)** this week to gauge the likely pace of rate cuts this year.
*: E-Money.
U.S. Treasury yields and the high U.S. dollar retreated profitably on Tuesday, giving ** some relief. In addition, US Federal Reserve Bank President Mester said on Tuesday that if the US economy performs in line with her expectations, interest rate cuts may begin, but she is not ready to make any ** on the timing of policy easing amid inflation still uncertain. This echoes Powell's statement that the Fed can "prudently" decide when to cut interest rates. Traders continue to await more speeches from several US Federal Reserve (Feds) this week to gauge the likely pace of rate cuts this year. The strong economic data from the United States as we entered the new year has led traders to consider whether the US economy will accelerate again this year, rather than whether there will be a soft landing or a recession this year. If the economy continues to grow strongly and inflation does not come down quickly, then interest rate hikes and persistently high interest rates will be prolonged, which is undoubtedly good for the dollar, and the pressure will remain difficult to remove.
Technically, from a technical point of view, a break below Friday's volatility low (around $2028-2027) could drag gold down to the $2012-2010 ounce area; The subsequent target is the $2,000 ounce psychological mark. A decisive break above the $2,000 mark could shift the bias in favor of bearish traders and target the 100-day move** support near the $1,983-1,982 ounce. Gold prices could eventually ** and challenge the very important 200-day move ** (near the $1965 ounce area). On the upside, if gold breaks above the Asian session high near $2,042, gold could meet strong obstacles near the $2,054-$2,055 area, with the next resistance at the $2,065 area or last week's high. From the daily chart, ** has been mainly in a range sideways trend pattern in the near future. **The range is mainly between $2,000-$2,065.
Wang Gang, Bank of China Guangdong Branch.
This is the opinion of the individual and does not represent the opinion of the institution