Gold Market Oscillates Downward, Economic Data Weighs

Tuesday saw an oscillatory downward trend in the international gold market. The price hit a high of $3348$ during the session and plunged to a key support level of $3300$. The trading day featured a typical pattern of surging and then falling. In the Asian session, the price reached the day's high of $3348$ at the opening and then quickly dropped to around $3306$. During the European session, it fluctuated within the range of $3324-3300$. In the US session, after testing the $3300$ support for the second time, it rebounded to $3328$. Eventually, the daily chart closed in the red, continuing the recent oscillatory pattern of alternating between yin and yang.

Fundamentally, several US economic data points were weak. The number of job openings in March dropped to the lowest level since September last year, the Conference Board's Consumer Confidence Index in April plummeted to a nearly five - year low, and the merchandise trade deficit in March expanded to a record - high $162$ billion. A recent Reuters survey showed that most economists believe the Trump administration's tariff policies have essentially damaged business confidence, significantly increasing the risk of a global economic recession. Consequently, expectations for a Fed rate cut have intensified, driving the strength of US bonds and impeding the rebound of the US dollar index.

There were also some subtle changes in trade policies. President Trump signed two executive orders on Tuesday. Through measures such as tariff credits and exemptions for some materials, he aimed to ease the market impact of the previous auto tariff policies. Meanwhile, the US trade team announced the reaching of preliminary agreements with some trading partners. These actions temporarily alleviated the market's concerns about the fickleness of trade policies.