OptionsXpress Senior Commodity Analyst Rob Kurzatkowski said that at present, the price of gold is stuck in a stalemate. Although most of the world's views believe that gold should be purchased when the debt crisis in Europe intensifies, many tradersMark Precious Metals will focus on the suppression of long-term inflation.
But after midday, mainly due to the fall in the New York stock market, investor confidence was frustrated, and oil prices turned down. In addition, the European debt situation is still not optimistic. After the market closed on the 18th, Moody's Investors Service also unexpectedly announced the downgrade of Spain's sovereign debt rating, which cast a shadow on the outlook for European debt and exacerbated the decline in oil prices. (Source: Economic Information Daily)
In addition, as the vane of the futures market, the latest data released by the US Commodity Futures Trading Commission (CFTC) also shows that the gold futures net position in the New York market has reached a new high; the net long position is the smallest in 5 years, showing investors in the futures market Extremely bearish on gold.
Therefore, the acquisition of Jintong Asset Management Co., Ltd. allowed its precious metal electronic trading business to follow the banking background, and its operations became more sunny. According to the above-mentioned person familiar with the matter, during the acquisition process, the original standard gold company's management, staff and foreign policies were basically unchanged, and how the original operation was carried out is still the same operating mode.
Although the current international gold price has fallen from a high of over $2,000 per ounce, and the fiery investment enthusiasm has cooled, it is under the combined influence of the gloomy outlook for the dollar, the market’s concerns about global economic recovery, and the large-scale monetary and fiscal stimulus policies of the United States. , The medium and long-term international gold price still has supporting factors, and its attractiveness to investors still exists. It is worth noting that international gold prices will continue to fluctuate.
From a technical point of view, the price of gold has huge resistance at the $1610 line. If it can break through, the next resistance will be at the line of 1630. However, from a disk perspective, the short strength has increased, and it may drop to the $1550~1580 line for support. Investors are advised to wait and see if they have insufMark Precious Metalsficient positions in the early period, and those who have short positions in the early period can pay attention to the profitability opportunities.
Of course, there may also be good news. If the U.S. Congress fails to reach an agreement on a deficit reduction plan before January 2013, tax increases and savings will come to the United States at the same time, with a total impact of $600 billion. At that time, the impact of fiscal austerity policies will swallow the current positive impact of QE3 on the economy, and the Fed will have to choose to expand its easing policy to maintain the fragile recovery of the US economy. If this is the case, gold may present another bull market.
German media BildZeitung quoted German officials as saying that the European Financial Stability Fund may use assets such as European Central Bank gold as bond collateral after the fund's expansion. According to reports, this proposal will be presented at the EU leaders summit that day. (Source: Securities Times)