This week, the key news items to keep the eyes on are: President Joe Biden’s speech tomorrow on the economic outlook and detailed plans for the nearly $ 4 trillion infrastructure stimulus package plan. The new stimulus package is expected to be divided into two parts, one focusing on infrastructure construction and the other focusing on other major domestic projects.

According to PHILLIP STREBLE, Chief Marketing Officer of BLUE LINE FUTURES, “I think the price of gold may fall to $ 1,700 the first major support point, then recover as investors may rush. “Entering the market to buy gold at this low price for long-term investment, on the other hand, US bond yields can not increase forever, which is helping to push the price of gold higher.

We can summarize the main reasons why gold prices may rise this week:

1. Some economic data reports are not as good as:

Existing Home Sales data Results 6220,000 Expected 6550,000 Last month data 6660,000

New Home Sales data Results 775,000 Expected 872,000 Last month data 948,000.

Durable Goods Orders Data Results -1.1% Expectation 0.7% Last Month Data 3.5%

Personal Spending Data Results -1.0% Expectation -0.8% Last Month Data 3.4%

2. The US Treasury Department has called on companies investing overseas to strictly enforce the “Stricter minimum tax” on their profits to eliminate the transfer of profits outside the United States. US Treasury Secretary Janet Yellen has told lawmakers that the tax increase will be necessary to fund infrastructure projects and other public investments.

3. The third wave of the COVID19 pandemic in Europe has raised concerns. Germany announced on Monday that it would extend the curfew until April 18 and asked everybody to stay home during EASTER DAY. The provinces of Rhône Aube and Nièvre in France are designated “Lockdown zones” from the 26th. The new COVID19 infected province, as well as the other 16 provinces that are being “closed to traffic”, requires everybody to maintain order and not be allowed to pass through. Mutual provinces, except for necessary purposes.

Suggestions for investing gold this week:

# 1: Long Gold at 1700 by setting the first profit target at 1713 or the second target at 1720 and setting risk management at 1693.

# 2: Long Gold at 1725 by setting the first profit target at 1735 or the second target at 1742 and setting risk management at 1719.

Analyzed by：Mr. Prasith chea，Independent Analyst