Judging from the trend line support formed by the historical highs of $1424 and $1430 at the end of 2010, the target for this round of decline may be around $1472-1480. If the price of gold can stabilize near this price by then, it will be possible to attract low-level buying again and re-enter the market. For long-term investors, the vicinity of this price may be a good opportunity to open positions. However, in terms of bottom-finding trading methods, the entry strategy should not be too aggressive, and the batch layout of trading positions should be strictly controlled or more stable. Avoid blind and market confrontation, always maintain the Precious metal prices Monexflexibility of trading, the boat can turn around, this is also the biggest advantage for the majority of individual investors.
Previously, the island nation of Cyprus set a precedent in the Eurozone to levy a controversial bank deposit tax, which once allowed gold and silver to experience several bloody days. On Thursday, news that Cyprus dumped its gold reserves caused gold to plummet by more than 1%, and silver prices went down accordingly.
TEAMFinancialAssetManagement portfolio manager James Dailey said that the current factor pushing up gold prices is the US debt ceiling negotiations, but the fundamental fundamental factor is the increased risk of recession in 2012.
PhiladelphiaTrustCo. Investment Director Richard Sichel pointed out that the spot-backed gold ETF has expanded rapidly in recent years. The world's largest gold ETF fund SPDR has accumulated $56 billion in gold, holding more gold than many central banks.
Since the fall of 2007, the international financial crisis broke out. In half a year, the price of non-ferrous metals such as copper and iron fell by more than 35%, while the international gold price continued to rise. As of March 2008, it rose from US$800 to a high of US$1,032. After that, it only fell by 17.6% at most; at this time, most non-ferrous metals fell by more than 50% from the previous high.
Canada) released a report last week showing that the Bank of England (BOE) is expected to raise interest rates by 25 basis points in November 2015. The previous forecast for the rate hike was August 2016. The report also pointed out that the UK is expected to hit the 7% unemployment threshold Precious metal prices Monexset by the central bank in the third quarter of 2014. The Bank of England may lower the unemployment rate threshold to 6.5% in its February inflation report.
From a technical graphic point of view, Qin Yunlong analyzed that after a continuous decline, the price of gold has fallen below the short-term ascending channel. The short-term moving average system has turned its head down. The price of gold on the daily K-line chart has fallen below the 60-day moving average support. The gradual arrangement of short positions has put greater pressure on gold prices. There is a risk of further correction in the short-term gold price. However, from the monthly chart, the moving average system is still in a long-term arrangement, indicating that the long-term upward trend remains unchanged. Since the financial crisis, the price of gold has been moving along the October moving average. May pull back to the October moving average.