Fed officials spoke frequently this week, following a speech by 3 Fed officials expressing hawkish rhetoric, pulling down gold prices, after which the Fed officials ' speeches were noteworthy. The dollar continues to rebound, the continued rise in the U.S. dollar to suppress precious metals prices, but Huang Lichen analysis, the recent short-term strong drop in gold is unlikely, because the Fed is not eager to raise interest rates, in addition to the market is now full of uncertainties, such as the British Brexit and the United States election.
In addition to being affected by the rise in the dollar, the global stock market rally has also made gold less attractive to investors, and it is one of the reasons why gold has fallen to a two-week low as the traditional physical demand ceases. India, the world's biggest consumer of gold, has continued its weak gold demand in April until May, while global gold production has remained unchanged, but gold sales have declined by about one-third per cent this year, partly because the price of gold has risen much since last year, and because of the drought, Many farmers have reduced their crop yields, which has allowed them to restrain their desire to buy gold.
For specific data, last night released the U.S. March Wholesale stock monthly rate of 0.1%, expected 0.1%, former value-0.5%; sales monthly rate 0.7%, expected 0.5%, former value-0.2%. The U.S. wholesale sales monthly rate in March was the highest in April 2015, suggesting that the United States had strong wholesale sales in the month, but inventories were barely growing, inventories were a key factor in calculating GDP growth, and inventories had dragged US GDP growth since the third quarter of 2015, The data show that the U.S. economic growth in the first quarter of the drag will be reduced.
Crude oil, earlier published API crude inventory data showed that May 6 when the week API crude stock increased 3.448 million barrels to 543.1 million barrels, the expected increase of 714,000 barrels, the value of 1.265 million barrels, the U.S. crude stock growth far more than expected. When the weekly API gasoline inventory increased by 271,000 barrels, the expected reduction of 710,000 barrels, the former value decreased by 1.177 million barrels, when the weekly API refined oil inventory reduced by 1.36 million barrels, the value of 2.602 million barrels reduced. The evening EIA data released, by the previous API data bad influence, Huang Lichen White plate market to maintain partial air shocks.
Overnight spot gold small recovery back to 1260-70 interval, today open Dogo Katsuragi Line chart, up and down support resistance is slowly tight, MA5 moving average has hit to 1272 near, the early morning boll middle rail line support also moved up to 12,601 lines. 4 hours because the STO indicator is already high, intraday or can form a dead fork to help fall, the support is still shown in the 1260-58 line, the upper and middle rail pressure level also shows the vicinity of 1272. Huang Lichen analysis that the current period of gold price fluctuations have been drawn up, operation still need to strict stop loss to prevent up and down, operation on the early 1268 light Cang empty to 1262-1261 near, key empty single position arranged to 1272 near, below 1260-1258 line continue to do, break 1256-55 stop , the target to see 65 can!
Ningui asphalt, yesterday to is the previous day's decline received a sorta, the same entity Yang top to 4300 near resistance. Today open Dogo Katsuragi line tiling Open the main concern fall, below see support 4220-00 lines, above space to a relatively large, temporarily no support display. But on the fundamentals of crude oil supply is still a big obstacle to its price rise, so the low-order still can not over-grasp the profit, it is appropriate to accept, today Operation Huang Lichen recommended as far as possible to step back on the 4220-00 line long, the target to be determined.
Huang Lichen: Huang Jinping Open material low asphalt rebound cautious much
