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Intraday Gold Analysis: Lack of clear directional bias, traders are looking for new breakout directions or sell signals
On Thursday Asian trading, gold is in a bullish consolidation phase, after falling from a three-week high of $4,774. The market is closely watching the US-China meeting. So far this week, gold lacks a clear directional bias. Due to the lack of progress in US-Iran talks and rising inflation concerns, market bets on the Federal Reserve raising interest rates this year have increased, and demand for the US dollar as a safe-haven asset has rebounded, putting pressure on gold. Against this backdrop, the US dollar against major currencies remains near a one-week high, causing gold, which is sensitive to the dollar, to struggle at the lower end of its weekly trading range.
The latest Consumer Price Index and Producer Price Index inflation reports confirm the impact of the war on energy prices, supporting the Fed's hawkish expectations and suppressing gold's upward attempts. US April CPI rose 3.8% year-over-year, the largest YoY increase since May 2023; at the same time, April final demand PPI surged 1.4% YoY, the largest increase since March 2022, after March data was revised up to 0.7%.
Looking ahead, gold traders are searching for new breakout directions or sell signals.
However, any new developments in the prolonged Middle East conflict could trigger significant reactions in financial markets, including gold. Beyond geopolitical factors, US April retail sales data may also provide new trading momentum for the gold market.
On Thursday Asian trading, gold is in a bullish consolidation phase, after falling from a three-week high of $4,774. The market is closely watching the US-China meeting. So far this week, gold lacks a clear directional bias. Due to the lack of progress in US-Iran talks and rising inflation concerns, market bets on the Federal Reserve raising interest rates this year have increased, and demand for the US dollar as a safe-haven asset has rebounded, putting pressure on gold. Against this backdrop, the US dollar against major currencies remains near a one-week high, causing gold, which is sensitive to the dollar, to struggle at the lower end of its weekly trading range.
The latest Consumer Price Index and Producer Price Index inflation reports confirm the impact of the war on energy prices, supporting the Fed's hawkish expectations and suppressing gold's upward attempts. US April CPI rose 3.8% year-over-year, the largest YoY increase since May 2023; at the same time, April final demand PPI surged 1.4% YoY, the largest increase since March 2022, after March data was revised up to 0.7%.
Looking ahead, gold traders are searching for new breakout directions or sell signals.
However, any new developments in the prolonged Middle East conflict could trigger significant reactions in financial markets, including gold. Beyond geopolitical factors, US April retail sales data may also provide new trading momentum for the gold market.