--- title: "Pre-market trend | CHOW TAI FOOK (1929.HK) 5/20 Gold prices at high levels can't support stock prices, retail winter deepens?" type: "News" locale: "en" url: "https://longbridge.com/en/news/287032293.md" description: "At today's close, CHOW TAI FOOK fell by 1.09%, with a transaction volume of HKD 120 million. The MACD daily line triggered a death cross signal below the zero axis, further confirming a weak mid-term pattern. As the leading jewelry retailer in the Hong Kong stock market, CHOW TAI FOOK's performance is influenced by gold prices on one hand, and is closely related to consumer sentiment on the other. Although gold prices continue to operate at high levels (spot silver rose by 2% today, and while Zijin Gold International fell by 4.33%, precious metals overall remain strong), the rise in gold prices has not translated into support for CHOW TAI FOOK's stock price, reflecting that market concerns about retail demand may outweigh the product premium effect brought by rising precious metal prices. On the news front, Lao Pu Gold plummeted by 6.94% today, and Zijin Gold International fell by 4.33%, putting collective pressure on the gold jewelry retail sector. The market worries that high gold prices are suppressing physical gold consumption demand, and the logic of \"buying the rise and not the fall\" may reverse to a wait-and-see approach after gold prices continue to hit new highs. Meanwhile, in a global high-interest-rate environment, consumer confidence indices remain persistently low, with luxury goods and discretionary consumption being the most affected. Although there are highlights in the mainland's May Day consumption data, the year-on-year growth rate in the gold jewelry segment has significantly slowed. The Hong Kong stock consumer sector weakened overall today, with Kang Shifu down 1.71% and Conch Cement down 1.51%, as a decline in systemic risk appetite puts pressure on consumer stock valuations. Technically, CHOW TAI FOOK's moving average system is operating in a bearish manner, and the MACD death cross below the zero axis confirms that the mid-term downward trend has not yet ended" datetime: "2026-05-21T01:00:00.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/287032293.md) - [en](https://longbridge.com/en/news/287032293.md) - [zh-HK](https://longbridge.com/zh-HK/news/287032293.md) --- # Pre-market trend | CHOW TAI FOOK (1929.HK) 5/20 Gold prices at high levels can't support stock prices, retail winter deepens? At today's close, CHOW TAI FOOK fell by 1.09%, with a trading volume of HKD 120 million. The MACD daily line triggered a death cross signal below the zero axis, further confirming the mid-term weak trend. As the leading jewelry retailer in the Hong Kong stock market, CHOW TAI FOOK's performance is influenced by gold prices on one hand and is closely related to consumer sentiment on the other. Although gold prices continue to operate at high levels (spot silver rose by 2% today, and while Zijin Gold International fell by 4.33%, precious metals overall remain strong), the rise in gold prices has not translated into support for CHOW TAI FOOK's stock price, reflecting that market concerns about retail demand may outweigh the product premium effect brought by rising precious metal prices. On the news front, Lao Pu Gold plummeted by 6.94% today, and Zijin Gold International fell by 4.33%, putting collective pressure on the gold and jewelry retail sector. The market is worried that high gold prices are suppressing physical gold consumption demand, and the logic of "buying the rise and not the fall" may reverse to a wait-and-see approach after gold prices continue to hit new highs. Meanwhile, in a global high-interest-rate environment, the consumer confidence index remains low, with luxury goods and discretionary consumption being the most affected. Although there were highlights in the May Day consumption data from the mainland, the year-on-year growth rate in the gold and jewelry segment has significantly slowed. The Hong Kong stock market's consumer sector weakened overall today, with Master Kong down by 1.71% and Conch Cement down by 1.51%, as the decline in systemic risk appetite puts pressure on consumer stock valuations. From a technical perspective, CHOW TAI FOOK's moving average system is operating in a bearish manner, and the MACD death cross below the zero axis confirms that the mid-term downward trend has not yet ended. The trading volume of HKD 120 million is at a moderate level, indicating that the market is neither in a panic sell-off nor actively bottom-fishing, but is in a period of hesitation in choosing a direction. If gold prices show a significant correction in the future, the stock price may face greater pressure; conversely, if gold prices remain strong and consumption data improves, the fundamental support may gradually emerge. The short-term trend reference is bearish, as the contradiction between high gold prices and weak consumption complicates the pricing logic of the sector. Until clearer signals of consumption recovery emerge, the weak technical signals still need to be monitored. _This article only provides technical analysis and market information for reference and does not constitute any investment advice. 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