Year1
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International spot gold reduced its intraday gains on Wednesday (Monday) after the release of the Federal Reserve's policy decision. After a short-term plunge, it quickly rebounded. The overall trend changed little, and the degree of volatility was not as dramatic as when the Federal Reserve announced its interest rate decision in March. Because the Federal Reserve's decision was basically in line with market expectations, there was little suspense. The Federal Reserve announced that it would keep interest rates unchanged at the current level, saying it would closely monitor inflation indicators and global economic and financial developments, and that the labor market was improving despite signs of slowing growth. Inflation is below target mainly because non-energy imports are cheaper. The Federal Reserve reiterated that its policy stance remains accommodative. The Fed did not assess the balance of risks in its policy statement. There will be a wider focus on economic information to assess the correct position. The Fed expects moderate economic growth going forward, a strengthening labor market, and inflation to rise over the medium term. It reiterated that the economic situation is only suitable for a slow increase in interest rates.
Gold has been consolidating in a range for some time before the Fed announced its interest rate decision. The Fed's interest rate decision failed to make gold prices escape from the consolidation area and usher in a major breakthrough. The Federal Reserve remains open about raising interest rates this month, and the market's focus will be on the probability of the next rate hike. The U.S. existing home sales data released today put some pressure on gold. In addition, due to factors such as rising gold prices, demand for physical gold in Asia has declined significantly. According to a Reuters report, in the first three months of this year as of March 3, global gold demand fell by 1,000 tons year-on-year, the lowest in the year. This casts a shadow over gold's future gains.
Spot gold, London gold hourly chart:
Spot silver technical analysis: Silver prices were the highest on Wednesday, the lowest, and closed at .3. Spot silver prices rose slightly on Wednesday, continuing the recent trend of volatility and strength, and the market's active buying power continued to increase. At present, silver is supported by the daily moving average and remains in the oscillating upward channel of the daily chart. The trend in the future may fluctuate and rise. In the daily chart indicators, the two lines maintain upward movement, and the green energy column shortens, which may suppress the price of silver. Each moving average on the daily chart maintains a long arrangement. Among the corresponding indicators, the fast line turns upward, which may continue to push up the price of silver. The overall upward trend of silver remains unchanged. Investors can choose the strategy of buying a small amount and going long, and pay attention to stop losses.
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