Overnight Market Review (2022.5.20) US economic data was weak on Thursday, Fed officials issued hawkish remarks, US bond yields and the US dollar fell, US stocks fell, and gold and oil prices rose. Global gold market: Gold prices rose more than 1.5% on Thursday, as weak U.S. jobs data added to concerns about the economy, and a slide in the dollar and U.S. bond yields bolstered gold’s safe-haven appeal. Gold futures rose 1.4% to $1,841.30.
At midday in Asia on Friday, gold futures hovered above $1,840, maintaining yesterday’s gains, and the weekly line is expected to record gains for the first time since mid-April. The price of gold rose more than 1% in the previous trading day, while the US dollar fell sharply from a two-year high, and the market’s concerns about the prospects of US economic growth intensified, and investors flocked to gold for safety.
“Recession fears are giving way to U.S. growth worries, which are boosting gold prices,” the data said.
Trading strategy deployment: it is recommended to go short at high levels
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