Huitong, May 2 (Xinhua)-- the gold market has fluctuated significantly under the influence of the Fed's latest interest rate decision. As investors turn their attention to the upcoming US non-farm payrolls dataJapanlureshopThe price of gold fell below the key support of $2300. Gold prices are likely to test short-term support of $2281. If you fall below that levelJapanlureshopGold is likely to face more downward pressure. At the same time, market sentiment has also been affected by the upcoming US non-farm payrolls report, and weaker-than-expected data could further support gold prices.
The gold market fluctuated significantly under the influence of the Fed's latest interest rate decision. Gold prices fell below the key $2300 support as investors turned their attention to the upcoming US non-farm payrolls data.
The influence of Federal Reserve interest rate decision on Gold Market
The Fed left interest rates unchanged at its May meeting and hinted at the possibility of future rate cuts, which are usually conducive to a rise in the price of gold. However, the market reaction to this was mixed, with gold falling below the support of $2300 after a brief rally.
The short-term trend of gold price
As of press time, spot gold prices have fallen more than $20, falling below the key support level of $2300. Although the price of gold rose by 1% on WednesdayJapanlureshop.4%, the biggest one-day increase in more than two weeks, but the rise did not last.
Technical Analysis and Market sentiment
Technical analysts point out that gold may test 2 after falling below $2300.Japanlureshop, short-term support of $281. If it falls below that level, gold is likely to face more downward pressure. At the same time, market sentiment has also been affected by the upcoming US non-farm payrolls report, and weaker-than-expected data could further support gold prices.
The views of economists and analysts
Matt Simpson, a senior analyst at City Index, commented that the Fed's statement allayed market concerns about raising interest rates and helped gold recover above $2300. Meanwhile, traders expect the Fed to cut interest rates at least once this year, making it more attractive to hold gold.
Forecast of future trend
Rahul Kalantri, vice president of commodities at Mehta Equities, predicts that gold will find support at $2305 to $2288, with resistance at $2335 to $2351. Forexlive pointed out that US economic data, including the non-farm payrolls report and the ISM services PMI, will be the key to influencing the direction of the gold market.
After the gold price fell below the support level of $2300, the market is keeping a close eye on the upcoming US economic data. The policy direction of the Federal Reserve and the performance of economic data will be the key factors affecting the future trend of gold. Investors should be vigilant and pay close attention to market developments in order to make wise investment decisions.
