The spot gold price went up during the week but fell after Friday’s US non-farm payroll report. Looking back at last week, the price broke through the 2400 resistance before the Fed—meeting on Wed. The price kept on rising after Powell’s dovish speech, and tensions rose in the Middle East as Iran’s leader ordered attacks on Israel in response to the assassination of a Hamas leader. The US released weaker-than-expected job data on Fri., causing gold prices to hit a weekly high and rechallenge the historical peak 2480. However, the market quickly focused on concerns that the US economy might enter a recession. US stocks rapidly fell from their highs, dragging gold prices down to a daily low of 2410, closing the week at 2442.
According to CME FedWatch, the latest interest rate futures indicate that the probability of a 50 basis point rate cut in September increased from 22% on Thursday to 95% early in the Monday Asian session. Whether in the gold or stock markets, a rate cut should boost the market. However, despite reaching twice above 2450 in the past month, the spot gold price didn’t have any significant new long-buying position above 2450 but profit-taking and new short-selling positions. The market now broadly expects the first rate cut to happen in September. As the first rate cut approaches, it is almost time for investors who entered long for the ‘rate cut’ concept at the beginning of the year to plan their exit. ‘Buy on the rumour, sell on the news’ ~ gold prices may still hit a new high before September, but expect a significant correction around the first rate cut!
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1-hour Chart > The price still runs within the upward wedge(2). In the S-T, gold prices are supported by the trendline(2.1). If this support is broken, a significant correction may occur, with a target of 2400. Currently, the range of 2450-53 is acting as an S-T resistance zone, while stronger resistance is expected at 2478-80.
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Daily Chart > No major economic data are expected to be released this week, and gold prices are unlikely to break high. The initial expectation is to work within the range of 2410-80 established last Friday.
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国际金价上周走势整体向上，但在周五美盘非农公布后回落。回顾上周走势，周三美联储议息会议前先突破2400阻力，而美联储主席鲍威尔在会后声明表示可以「想像一种从零降息到多次降息的场景」，令金价继续往上。周四中东局势紧张，伊朗领导人哈梅内伊因哈马斯政治领袖在德黑兰被暗杀而下令对以色列发动攻击，将金价进一步推高。周五美国公布比预期弱的就业数据，金价做出一周高位、再次挑战历史高位2480。随后外围市况转弱，市场担忧美国经济将进入衰退，美股从高位急速回落，拖累金价回落到全日最低2410，全周收盘在2442。
跟据 CME FedWatch，周五收盘前最新利率期货反映9月降息50个基点的可能性已由周四的22%增加至最新72%。无论金市或股市，减息本应带动市况向上。但现货金价在过去1个月内已两次测试2450之上，突破后没有明显(大形)买盘进场，反而出现获利平仓及新增沽仓。现时市场已大概确定9月份正式第一减。临近第一次减息，年初由2080开始操作 ‘减息’ 概念的买盘已开始部署离场。 “Buy on Rumor, sell on news” 金价在9月美联储会议前或会再创新高，但第一减前/后，金价极有可能出现明显调整!
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1小时图 > 整体趋势仍以上升为主(2)，短线金价正支撑在上升支持线(2.1)之上，失守会出现明显的调整，下方目标在2400。现时2450-53(1)会是短线阻力区，而上方2478-80会出现较大阻力。
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日線圖 > 本週未有太多重要經濟數據公佈，相信金價突破的機會不高。初步預期本週可把握上週五形成的橫行區間2410-80(3)操作。
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國際金價上週走勢整體向上，但在週五美盤非農公佈後回落。回顧上週走勢，週三美聯儲議息會議前先突破2400阻力，而美聯儲主席鮑威爾在會後聲明表示可以「想像一種從零降息到多次降息的場景」，令金價繼續往上。週四中東局勢緊張，伊朗領導人哈梅內伊因哈馬斯政治領袖在德黑蘭被暗殺而下令對以色列發動攻擊，將金價進一步推高。週五美國公佈比預期弱的就業數據，金價做出一週高位、再次挑戰歷史高位2480。隨後外圍市況轉弱，市場擔憂美國經濟將進入衰退，美股從高位急速回落，拖累金價回落到全日最低2410，全週收盤在2442。
跟據 CME FedWatch，週五收盤前最新利率期貨反映9月降息50個基點的可能性已由週四的22%增加至最新72%。無論金市或股市，減息本應帶動市況向上。但現貨金價在過去1個月內已兩次測試2450之上，突破後沒有明顯(大形)買盤進場，反而出現獲利平倉及新增沽倉。現時市場已大概確定9月份正式第一減。臨近第一次減息，年初由2080開始操作 ‘減息’ 概念的買盤已開始部署離場。”Buy on Rumor, sell on news” 金價在9月美聯儲會議前或會再創新高，但第一減前/後，金價極有可能出現明顯調整!
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1小時圖 > 整體趨勢仍以上升為主(2)，短線金價正支撐在上升支持線(2.1)之上，失守會出現明顯的調整，下方目標在2400。現時2450-53(1)會是短線阻力區，而上方2478-80會出現較大阻力。
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日線圖 > 本週未有太多重要經濟數據公佈，相信金價突破的機會不高。初步預期本週可把握上週五形成的橫行區間2410-80(3)操作。
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上周一开市后直接发力升到早前提及的2402停下，5M图可看到形成双顶后发力破颈线并回测，短线向下做可先看前顶2380，但入市后价格波动较大，有机会减仓后被打保本。最后价格没有再挑战2350，而是在升段的0.618附近反弹并延续上升，15M图可看见，当有力升穿前顶2402时，短线可暂停看跌，直到一些明显阻力位出现反弹力量，例如2432 /2450。5M图看,到达2450出现小反弹后再来假突破，近期跌段的0.618刚好是阻力位，短线向下可试，但由于大图看到上升动能较强，此反弹有机是回调，所以2432前要做减仓或食糊。现价2441，价格去返大图前顶附近后出现明显的力量下跌，15M图看到形成了假突破通道后破底，下周短线可先看2450-2455这个跌段的0.618有无反应。4H图看价格在2400延续下跌失败，然后回到通道顶附近又有力向下，有可能从大上升通道收窄做2350-2482的横行区，中长线可在顶底布署或突破后有明显方向才入市。K.LAM风险提示: 场外式黄金/白银交易涉及高度风险，未必适合所有投资者。高度的杠杆可为阁下带来负面或正面的影响。阁下在决定买卖场外式黄金/白银之前应审慎考虑自己的投资目标、交易经验以及风险接受程度。可能出现的情况包括蒙受部分或全部初始投资额的损失，或在极端情况下（例如相关市场跳空）产生更多的损失。因此，阁下不应将无法承受损失的资金用于投资。投资应知悉买卖场外式黄金/白银有关的一切风险，如有需要，请向独立财务顾问寻求意见。市场资料仅供参考，MAX Online 绝不保证分析内容的准确性。
A weaker yen is hurting the confidence of Japanese households and could erode their purchasing power, the government said in a report on Friday, highlighting its concerns about the negative impact of the yen’s depreciation on the economy. Rising inflation expectations helped improve household confidence in 2013, when former Prime Minister Shinzo Abe’s government implemented the “Abenomics” stimulus policy, the government said in an annual white paper analyzing the economy. But since mid-2023, inflation expectations have risen again, dampening household sentiment, partly as the public reacts to media reports of rising food prices and higher import costs due to a weaker yen. “A weaker yen could weaken consumers’ purchasing power” as it pushes up inflation, outstripping wage growth, the paper said. “The yen had been hovering below a low of 38 to 160 against the dollar for much of July, but it rose sharply against the dollar in the days leading up to and following the Bank of Japan’s decision to raise interest rates on Wednesday.The yen traded at 149.07 against the dollar in Asian trading on Friday as investors began to turn their attention to the prospect of steady rate hikes by the Bank of Japan and the Federal Reserve, which is expected to begin a U.S. monetary easing cycle in September. In a white paper prepared ahead of the Bank of Japan’s decision on Wednesday, the government said a weaker yen was no longer boosting exports as it had in the past as more Japanese manufacturers shifted production overseas. Instead, the report said a weaker yen was weighing on profits at small companies by increasing the cost of raw material imports.A weaker yen has become a source of concern for Japanese policymakers because it dampens consumption by raising the cost of imported fuel, food and raw materials. Japanese authorities spent 5.53 trillion yen ($37 billion) in foreign exchange market intervention in July to push the yen from 38 to 160 to the dollar to 40.00 per dollar, official data showed. The Bank of Japan also cited the risk of overshooting inflation due to a weak yen as one of the reasons for its rate hike on Wednesday.
日本政府在周五的報告中表示，日圓貶值正在損害日本家庭的信心，並可能削弱他們的購買力，凸顯了政府對日圓貶值對經濟產生負面影響的擔憂。日本政府在一份分析經濟的年度白皮書中表示，2013 年，前首相安倍晉三政府實施了「安倍經濟學」刺激政策，通膨預期上升有助於改善家庭信心。但自 2023 年中期以來，通膨預期再次上升，令家庭情緒低落，部分原因是公眾對媒體報道的食品價格上漲和日圓貶值導致進口成本上升做出了反應。該報稱，“日圓貶值可能會削弱消費者的購買力”，因為它推高了通膨，超過了薪資成長。 「在 7 月大部分時間裡，日圓兌美元匯率一直徘徊在 160 的 38 低點下方，但在周三日本央行決定升息之前和之後的幾天裡，日圓兌美元匯率大幅上漲。週五亞洲時段，日圓兌美元匯率為 149.07，投資者開始將注意力轉向日本央行穩步升息的前景，而聯準會預計將於 9 月開始美國貨幣寬鬆週期。在日本央行週三決定之前準備的白皮書中，政府表示，隨著越來越多的日本製造商將生產轉移到海外，日圓貶值不再像過去那樣推高出口量。相反，報告稱，日圓貶值通過增加原材料進口成本，對小型企業的利潤造成壓力。日圓貶值已成為日本政策制定者的擔憂之源，因為它透過抬高進口燃料、食品和原材料的成本，抑制了消費。官方數據顯示，日本當局 7 月投入 5.53 兆日圓（370 億美元）幹預外匯市場，將日圓匯率從 1 美元兌 160 日圓的 38 年低點拉回。日本央行也將日圓疲軟導致通膨超調的風險作為週三升息的原因之一。
日本政府在周五的一份报告中表示，日元贬值正在损害日本家庭的信心，并可能削弱他们的购买力，这凸显了政府对日元贬值对经济产生负面影响的担忧。日本政府在一份分析经济的年度白皮书中表示，2013 年，前首相安倍晋三政府实施了“安倍经济学”刺激政策，通胀预期上升有助于改善家庭信心。但自 2023 年中期以来，通胀预期再次上升，令家庭情绪低落，部分原因是公众对媒体报道的食品价格上涨和日元贬值导致进口成本上升做出了反应。该报称，“日元贬值可能会削弱消费者的购买力”，因为它推高了通胀，超过了工资增长。”在 7 月份大部分时间里，日元兑美元汇率一直徘徊在 160 的 38 低点下方，但在周三日本央行决定加息之前和之后的几天里，日元兑美元汇率大幅上涨。周五亚洲时段，日元兑美元汇率为 149.07，投资者开始将注意力转向日本央行稳步加息的前景，而美联储预计将于 9 月开始美国货币宽松周期。在日本央行周三决定之前准备的白皮书中，政府表示，随着越来越多的日本制造商将生产转移到海外，日元贬值不再像过去那样推高出口量。相反，报告称，日元贬值通过增加原材料进口成本，对小企业的利润造成压力。日元贬值已成为日本政策制定者的担忧之源，因为它通过抬高进口燃料、食品和原材料的成本，抑制了消费。官方数据显示，日本当局 7 月份投入 5.53 万亿日元（370 亿美元）干预外汇市场，将日元汇率从 1 美元兑 160 日元的 38 年低点拉回。日本央行还将日元疲软导致通胀超调的风险作为周三加息的原因之一。
The number of Americans filing new claims for unemployment benefits fell more than expected last week as disruptions from weather and temporary auto plant shutdowns faded. The Labor Department said Thursday that initial jobless claims fell by 10,000 to a seasonally adjusted 235,000 in the week ended July 20. Economists predict that the number of applicants this week will be 238,000.The previous week, the number of applicants rose to the upper end of the range of 194,000-245,000 due to a surge in applications related to Hurricane Burr in Texas and temporary auto plant shutdowns. Despite the fluctuations, layoffs are still at historically low levels, and the slowdown in the labor market mainly comes from the reduction in employment caused by the Federal Reserve’s aggressive interest rate hikes in 2022 and 2023, which will cool demand.During the week of July 13, the number of people receiving unemployment benefits (the number of people continuing to receive unemployment benefits after initial claims, which can be used as an indicator of employment) fell by a seasonally adjusted 9,000 people to 1,851,000. The claims renewal data covers the period when the government surveyed the unemployment rate in July. The number of people renewing claims did not change much between the June and July survey weeks. As job opportunities declined, the U.S. unemployment rate rose to a 2.5-year high of 4.1% in June.The U.S. Federal Reserve has maintained its benchmark overnight interest rate in a range of 5.25%-5.50% over the past year. Since 2022, it has raised interest rates by a cumulative 525 basis points to curb inflation. Financial markets expect the Federal Reserve to cut interest rates in September and again in November and December. Another report from the Commerce Department’s Census Bureau showed that non-defense capital goods orders excluding aircraft orders, one of the important indicators of corporate investment plans, rebounded 1.0% in June after falling 0.9% in May.
上周,美国人新申请失业救济金人数比预期下降更多,因天气及临时汽车工厂停工的干扰逐渐消退。劳工部周四称,7月20日当周,经季节调整后的初次申请失业救济金人数下降10,000人至235,000人。经济学家预测,本周的申请人数将为238,000人。前一周,由于德克萨斯州与飓风伯尔有关的申请激增,以及汽车工厂临时停工,申请人数上升至194,000-245,000人的区间上端。尽管波动,但裁员仍处于历史较低水平,劳动力市场放缓主要来自于联储会2022年和2023年激进加息使需求降温导致的用工减少。在7月13日当周,领取失业救济金的人数(初次申领后的续领人数,可作为就业指标)季节性调整后下降9,000人至1,851,000人。这笔续领数据涵盖了政府调查7月失业率的时期。续领人数在6月和7月调查周之间变化不大。随着工作机会的减少,美国6月失业率上升至2.5年来的高点4.1%。美国联储会在过去一年一直维持基准隔夜利率在5.25%-5.50%的区间。自2022年以来,其已经累计加息525个基点以遏制通胀。金融市场预期,联储会将于9月降息,并在11月和12月再次降息。商务部人口普查局的另一份报告显示,6月除去飞机订单的非国防资本品订单(作为企业投资计画的重要指标之一)反弹1.0%,此前5月下降0.9%。
上週,美國人新申請失業救濟金人數比預期下降更多,因天氣及臨時汽車工廠停工的干擾逐漸消退。勞工部週四稱,7月20日當週,經季節調整後的初次申請失業救濟金人數下降10,000人至235,000人。經濟學家預測,本週的申請人數將為238,000人。前一週,由於德克薩斯州與颶風伯爾有關的申請激增,以及汽車工廠臨時停工,申請人數上升至194,000-245,000人的區間上端。儘管波動,但裁員仍處於歷史較低水平,勞動力市場放緩主要來自於聯儲會2022年和2023年激進加息使需求降溫導致的用工減少。在7月13日當週,領取失業救濟金的人數(初次申領後的續領人數,可作為就業指標)季節性調整後下降9,000人至1,851,000人。這筆續領數據涵蓋了政府調查7月失業率的時期。續領人數在6月和7月調查週之間變化不大。隨著工作機會的減少,美國6月失業率上升至2.5年來的高點4.1%。美國聯儲會在過去一年一直維持基準隔夜利率在5.25%-5.50%的區間。自2022年以來,其已經累計加息525個基點以遏制通脹。金融市場預期,聯儲會將於9月降息,並在11月和12月再次降息。商務部人口普查局的另一份報告顯示,6月除去飛機訂單的非國防資本品訂單(作為企業投資計畫的重要指標之一)反彈1.0%,此前5月下降0.9%。