The pullback of Gold has not changed the upward trend! Can it break a new high next week?
This week, the Gold market experienced dramatic price fluctuations. Although there was a pullback in gold prices due to profit-taking and technical pressures, the overall performance still showed an upward trend. As of the time of this report, the spot gold price is reported at $2882.85 per ounce, slightly down from the historical high of $2942.70 per ounce at the beginning of the week, but the cumulative increase for the week is nearly 0.8%. Despite the pullback in gold prices this week, it is still expected to record an increase for the seventh consecutive week, which undoubtedly reflects the current strong support in the market. The latest comments from USA President Trump regarding tariffs, weak USA economic data, and the softening of the USD have all provided support for the Gold market.
After the inflation panic, the 10-year U.S. Treasury bond stabilized at 4.50%. The next factor affecting the market is the retail data coming out tonight.
After a turbulent week, USA Treasury prices stabilized on Friday, as traders faced the reality that another interest rate cut might still be a long way off.
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