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International spot gold/spot silver fell sharply on Wednesday (June 2). The price of gold fell sharply during the day, nearly more than the US dollar, and suffered its worst performance in three weeks. Silver closed at .USD tumbled .%. USD/EUR strength and technical selling pressured gold prices below USD/oz levels. The gold market's failure to remain above long-term resistance levels affected market sentiment and increased selling pressure. Today (Monday), the market welcomes the European Central Bank's monetary policy decision. The risk of gold prices breaking through after testing key support rises sharply. Indicators suggest that silver's short-term correction may continue. In the future, we need to pay attention to whether the price can hold steady. The US dollar.
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ddd -rd/ ----d The dollar hit its highest intraday level. Against the euro, it recovered its previous losses. Traders expected the European Central Bank's policy meeting on Thursday and the next Caution ahead of next week's Fed meeting. European and American stock markets were calm and market risk sentiment fluctuated little. Gold failed to be driven by safe-haven buying. However, uncertainty about the timing of the Fed's interest rate hikes still supports gold.
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ddd -rd/ ----d According to reports, the most active monthly gold futures contract was a large number of selling orders within six minutes from: to: Beijing time, resulting in a short-term spot gold price. Pulling the dollar down nearly to a one-week low per ounce.
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ddd -rd/ ----d The head of precious metals trading at Bank of Montreal Capital Markets () said: Some bulls in the gold market are taking profits and the price of gold cannot be maintained. The daily moving average level is an important technical level that usually indicates a change in market sentiment.
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ddd -rd/ ----d The European Central Bank (ECB) will announce an interest rate decision on the evening of Thursday (Monday). The market has been worried that the European Central Bank may unexpectedly advance the decision. Expand initiatives.
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ddd -rd/ ----d If the European Central Bank remains on hold this time, the euro/dollar may rebound higher, which will put pressure on the dollar and indirectly benefit gold. However, since the European Central Bank has not further expanded its easing, the above-mentioned positive benefits to gold may only be temporary. After all, gold's value-preserving properties can only be exerted in a loose monetary environment.
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ddd -rd/ ----d As for the biggest influencing factor on the gold market, whether the Federal Reserve will raise interest rates this year is still a mystery.
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ddd -rd/ ----d Natixis (France) analyst d said: Gold follows U.S. economic data and the price of gold has risen since March. The U.S. dollar is mainly affected by expectations that the Federal Reserve will not raise interest rates this year but next year.
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ddd -rd/ ----Gold/silver lacks opportunities to rise further
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ddd -rd/----d Gold's rally last week has recovered significantly from five and a half year lows in May. The gold market had previously expected that the Federal Reserve would raise interest rates within the year, so gold prices fell sharply due to expectations of interest rate hikes. As an interest-free asset, gold will become less attractive relative to the U.S. dollar and U.S. Treasuries after the Fed raises interest rates. This is the main reason why investors were bearish on gold.
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ddd -rd/ ----d But last week’s sharp rise made gold bulls extremely inflated. This week gold did not receive further support from its continued rise, which made Bulls in the gold market have taken profits and continued to wait and see the trend. The price of gold has also been affected and has fallen to a certain extent since the high at the beginning of the week.
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ddd -rd/ ---- Trading broker r said that there are very few news affecting gold in the market and the US dollar is showing signs of recovery. Some investors choose to take profits at this time to keep the profits they have already made.
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ddd -rd/ ----dr He also added that China’s economy may begin to pick up in the future and the Eurozone (.-.-.%) economy will Speculation that it will emerge from the recession has made the market optimistic about gold's long-term expectations.
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ddd -rd/ ----dr means that many investors are still looking forward to returning to the gold market. If the price of gold continues to fall, it may stimulate investors to enter the market. Be prepared to go long.
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ddd -rd/ ----dDaily moving average has become a major resistance for gold
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ddd -rd/ ----d With the start of a new rebound in gold, the market quickly approached and broke through the major resistance daily moving average. Market participants' concerns have also followed. In the past year, gold prices have approached or penetrated the daily moving average several times, but the result has always been a return to decline.
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ddd -rd/ ----dR, a commentator on a well-known American gold information website, pointed out: This is the first time in days that gold prices have stood above the daily moving average. . However, historical experience shows that the first recovery after gold prices fall below the daily moving average is often a false breakthrough.
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ddd -rd/ ----d The market’s disapproval of the prospect of gold’s rebound is impressive. The gold optimism index clearly shows Ratio of bullish traders and market participants interviewed: Whether it is technical analysis experience or investor opinion, the simple conclusion is that the proportion of investors who believe that gold can start a bull market is very small.
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ddd -rd/ ----d However, the above judgment is more of a human interpretation and an objective judgment. Its characteristics can be analyzed when the gold price falls, but this At the first stage, it is also necessary to prevent fraud lines from interfering with investment judgments. In addition, although the situation has improved significantly from a few months ago, the fundamentals of the gold market are still mixed.
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