legendspokerroom|黄金关注2300美元支撑，若跌破将测试2230美元

Huitong Financial App News-- although the gold price still has some technical action.LegendspokerroomBut Lukman Otunuga, market analysis manager at FXTM Fortune, said traders had to focus on $2300. A drop below $2300 could test $2230, he said. If $2300 proves to be reliable support, the bulls may test $2390 again.

Bark Melek, head of commodity strategy at TD Securities, said in a report Friday after the non-farm payrolls data was released that he believes gold has limited room to rise in the short term. He added that despite the disappointing employment data, the Fed was in no hurry to cut interest rates.

Melek wroteLegendspokerroom: "LegendspokerroomWe still have inflation, which is too high for FOMC, and it would be uncomfortable to pull the trigger for interest rate cuts at the next meeting. These numbers are unlikely to be enough for ETF investors and mainstream fund managers to chase gold. Therefore, at present, the upside of gold price is limited, and $2330 is a reasonable short-term upside target. In addition, once the US economy is weaker and the market is more certain about the timing and magnitude of production cuts, we expect gold prices to enter the $2500 region. "

Although there may be some volatility and price declines in the gold market in the near future, Christopher Vecchio, head of strategy and foreign exchange at Tastylive.com Futures, said gold remains an attractive long-term investment.

He pointed out that Powell's comments set a solid ceiling on interest rates, which will bring solid liquidity to the gold price.

"I think the bottom of the gold price will continue to rise, which is a reasonable assumption," Vecchio said. These pullbacks will not be as severe as last time. Gold is largely in the price discovery model because it is uncharted territory. We are looking for the role and relationships of gold in any new financial and economic system we are trying to enter. "

While gold held support at $2300 a troy ounce, Vecchio said there were some interesting support at $2222.92, which was the previous level of volatility.

Although gold prices are likely to fall, Vecchio said he expects gold prices to remain in a long-term bull market, with enthusiasm for gold in some Asian countries being an important factor.

Analysts also expect gold prices to consolidate as economic data are relatively light this week. After the Fed makes a monetary policy decision, attention will focus on the Bank of England.

The Bank of England is expected to leave interest rates unchanged this week; however, it is expected to start an easing cycle ahead of the Fed, which could provide some support for the dollar and be bad for gold.

Spot gold daily chart

May 6, Beijing time 14Legendspokerroom: 43, spot gold 2313.27 US dollars