{"id":61948,"date":"2023-05-09T15:02:26","date_gmt":"2023-05-09T12:02:26","guid":{"rendered":"https:\/\/ironfx-com-php8.wp-dev.int.theitops.net\/?p=61948"},"modified":"2026-02-05T09:18:04","modified_gmt":"2026-02-05T07:18:04","slug":"gold-prints-new-all-time-high","status":"publish","type":"post","link":"https:\/\/www.ironfx-cn.com\/zh\/gold-prints-new-all-time-high\/","title":{"rendered":"Gold prints new all-time high"},"content":{"rendered":"

\u9ec4\u91d1<\/strong> moved higher<\/strong><\/a> since last week, as talks of an inevitable<\/strong> recession<\/strong> have intensified allowing gold to skyrocket to a new all-time high<\/strong> of $2078.<\/strong> Following rumours of Pacific West Bancorp<\/strong> potentially filing for bankruptcy<\/strong>, market fears of a recession<\/strong> were yet again heightened<\/strong> and at the time of this report, it appears that the shiny metal<\/strong> is moving in a upwards fashion<\/strong>. In this report, we aim to shed light on the catalysts driving the precious metal\u2019s price, assess its future outlook and conclude with a technical analysis.<\/p>\n\n\n\n

Recession worries facilitate Gold\u2019s ascent.<\/strong><\/h2>\n\n\n\n

Economic data<\/strong> highlighting the negative<\/strong> aspect<\/strong> of the US economy<\/strong>, have facilitated gold\u2019s<\/strong> upwards<\/strong> movement<\/strong>, with the precious<\/strong>, remaining well above<\/strong> the $2000 key<\/strong> psychological<\/strong> level<\/strong> as these words are being written. Last Thursday, the US Initial Jobless Claims came in much higher<\/strong> than anticipated<\/strong>, with the actual figure<\/strong> coming in at 242k in addition with the Preliminary Non-Farm productivity on a QoQ basis worsened<\/strong> drastically<\/strong> by coming in at -2.7, greatly stressed<\/strong> the rapid<\/strong> deterioration<\/strong> in economic<\/strong> growth<\/strong> in the US. In addition, the continued<\/strong> failure<\/strong> by the legislative authorities<\/strong> in the US<\/strong> to resolve<\/strong> the debt<\/strong> ceiling<\/strong> standoff<\/strong> have intensified market<\/strong> worries<\/strong> that there is a very real possibility<\/strong> that the US Government<\/strong> may default<\/strong> on its debt<\/strong>, leading to catastrophic failures<\/strong> seen instantly as the \u201cX-Date\u201d<\/strong> may be as soon as June 1 <\/sup>. The persistent<\/strong> fears<\/strong> of the US<\/strong> defaulting<\/strong> on its debt<\/strong>, resulted in outflows<\/strong> from the greenback<\/strong>, as traders\u2019 worries intensify<\/strong>, highlighting the very sensitive<\/strong> situation<\/strong> that currently exists in the US<\/strong>. In addition, the continued banking fears<\/strong> surrounding Pacific West Bancorp<\/strong> that may be the next bank to declare bankruptcy<\/strong> in the US<\/strong>, has allowed gold<\/strong> to capitalize<\/strong> from both events respectively given its safe haven status<\/strong> in times of financial instability<\/strong>. However, we note that the US Non-Farm Payrolls figure for April came in much higher<\/strong> than anticipated<\/strong> in addition to the unemployment rate for April reaching all-time lows<\/strong> reversing<\/strong> some of Gold\u2019s gains<\/strong> in the past days, as the US employment market remains tight<\/strong> and possibly easing worries<\/strong> for the economic<\/strong> outlook<\/strong>, that may not be as dire<\/strong> as was initially anticipated<\/strong>. Overall, the financial releases from last week facilitated<\/strong> short-term inflows<\/strong> into the precious<\/strong> metal<\/strong>, as market worries of a recession<\/strong> were heightened<\/strong> at some point.<\/p>\n\n\n\n

Gold traders find support following the Fed interest rate decision.<\/strong><\/h2>\n\n\n\n

The Fed<\/strong> last Thursday<\/strong> hiked interest rates by 25 basis points<\/strong>, as was anticipated<\/strong> by market<\/strong> analysts<\/strong>. Following the news, the greenback<\/strong> weakened<\/strong> which allowed<\/strong> the precious<\/strong> metal<\/strong> to capitalize<\/strong> on a weaker<\/strong> dollar<\/strong> and continued its upwards<\/strong> ascent<\/strong> supported by the FOMC\u2019s accompanying statement<\/strong> mentioning that \u201cIn assessing the appropriate stance of monetary policy, the Committee will continue to monitor the implications of incoming information for the economic outlook<\/strong>\u201d implying that the bank<\/strong> may remain on hold<\/strong> in the future<\/strong>. However, the relatively hawkish<\/strong> comments<\/strong> by Fed Chair Powell<\/strong> that it is \u201cnot appropriate to cut rates\u201d seemed to undermine market predictions<\/strong> of possible rate<\/strong> cuts<\/strong> after the summer but had no visible effect<\/strong> on Gold\u2019s<\/strong> ascent.<\/p>\n\n\n\n

\u6280\u672f\u5206\u6790<\/strong><\/h2>\n\n\n\n

\u9ec4\u91d1\/\u7f8e\u51434\u5c0f\u65f6\u8d70\u52bf\u56fe<\/em><\/strong><\/h3>\n\n\n\n
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