But it is undeniable that since the international gold price plunged in April, the price oPrecious metals market news todayf gold has plummeted to around $1,300 recently. Even the world's largest gold ETFGLD has recently faced the most severe capital outflow since its creation. Except for the week in March, the fund has seen net outflows almost every week this year.
Last week, boosted by risk aversion and short-covering power in the market caused by the central bank’s notice on further promoting the reform of interest rate marketization, spot gold closed the positive line for the third consecutive week, and broke through the key resistance above and stabilized. Above $1,300. As of the close of the market on July 26, it rose $37.3 to 1,33.20, or 2.88%. In the last week of July, multiple heavyweight data will be released. On Monday evening, the United States will announce the monthly rate of the contracted sales index of existing homes in June and the contracted sales index of existing homes in June. On Tuesday, a series of Eurozone data will have a greater impact on the market. In the evening, the American Consultative Chamber of Commerce Consumer Confidence Index will show the confidence of American citizens in the economic recovery in July. On Wednesday afternoon Beijing time, the heavyweight data of the Eurozone CPI and multiple core countries will provide some guidance on whether Europe will adopt a looser monetary policy in the near future. In the evening, the number of ADP employment in the United States was the vanguard of non-agricultural employment in July. No matter the data is good or bad, the market will almost inevitably produce drastic fluctuations. The US GDP data released on the same day will focus on the quality and stability of the US economic recovery. Throughout Thursday, all major economies in the world will release the PMI index. The first is that the statistics department of the world's second largest economy will release the manufacturing PMI index for July. Previous data showed that the current economy is below the line of prosperity and decline and is shrinking. The official sector data this time will surely arouse speculation from all parties on the economic direction and the intensity of the central government's reform. Subsequently, PMI data in the Eurozone and the United States will also attract attention. On Friday evening, the US Department of Labor will release July unemployment and non-agricultural data. In recent months, the market has been fluctuating based on this data. As a key indicator that affects the strength of the Fed's monetary policy, the continuous improvement of the data has greatly boosted the US dollar, while severely suppressing gold and non-US currencies. After many consecutive months of better-than-expected data, whether the non-agricultural and unemployment rates in July will continue the previous situation is still unknown, but regardless of the pros and cons of the data, it will guide the market direction in the next period of time. Market participants have more room to imagine the Fed's attitude and direction on quantitative easing in the future. With the release of heavy data, next week will also usher in a number of central bank monetary policy meetings. From July 30 to 31, the Federal Open Market Committee of the Federal Reserve will hold a two-day interest rate meeting in Washington, and announce the interest rate resolution at 2 a.m. Beijing time on August 1. From July 31st to August 1st, the Bank of England will hold a Monetary Policy Committee meeting in London, and then announce its interest rate resolution at 19:00 on August 1st, Beijing time. On the same day, the European Central Bank Management Committee will announce the interest rate decision in Frankfurt; and will hold a press conference at 20:30 Beijing time. Technically, gold currently fluctuates between 1315-1342. The lower support is located near the 40-day line on the daily chart, and the upper pressure is located near the 60-day line on the daily chart. In the 4-hour chart, gold is currently operating within the triangle interval. The lower support is located at the top and bottom of $1310, which has been tested many times last week, while the upper resistance is gradually moving down. It is currently at the 1336-1337 line, showing that the market has momentum for long By weakened. This week, a lot of data has the ability to make gold prices out of this range. If it breaks the resistance of 1340 upwards, gold will move near the upper edge of the ascending channel formed after the rebound, and the target is located near 1360. If the data effectively boosts the US dollar and causes gold to fall below the 1310 first-line support, the lower support will be around 1290.
SterlingSmith, a commodity trading consultant and futures analyst at CountryHedging, said that the weak performance of the US dollar index runs through the audience today, which obviously supports gold. In addition, in the short term, the gold market seems to be slightly oversold. Therefore, we have seen many short-covering orders appearing in the market, especially after the sharp drop in the price of gold during the trading day.
In the past two years, gold has attracted the attention of consumers, and the number of members has increased a lot. Vice Minister Saito Koichi told "Oriental Outlook Weekly." For the average Japanese with a monthly salary of around 400,000 yen, 3,000 yen is not a big deal. A little bit of accumulation will make a lot of money. You can buy more when the bonus is paid at the middle and the end of the year. With such a gradual consumption model, there is no need to go to gold shops to snap up purchases when the boom comes.
However, Guolian Futures gold analyst Wang Yinping believes that although there is central bank buying, the future direction of gold is not determined by central bank buying. At present, the market focus is still on the European debt crisis, the Iran problem and the trend of the US dollar index. . If the debt situation in Europe worsens, the Iranian issue eases, and the US dollar index remains strong, it may put pressure on gold prices. Therefore, gold prices may not be able to get out of a big trend this year, or they will maintain a sharply volatile trend until these uncertainties settle.
The market generally expects central banks to be potential acquirers, but how much IMF gold they will acquire is still unknown. In the end, some gold still needs to be taken over by the market. Gold ETFs and institutional investors with gold demaPrecious metals market news todaynd are both possible. According to Lu Jianqin, a gold analyst at the East Securities Futures Research Institute.