Is a good investment for precious metals

Is a good investment for precious metals

Hexun Gold News Asian trading hours, spot gold remained at around 1,725 ​​US dollars / ounce. Recently, the trend of gold fluctuated significantly, but the closing price fluctuated slightly. The minutes of the Fed meeting overnight maintained a loose tone, and the surge in oil prices under geopolitical tensions in the Middle East stimulated the price of gold to riIs a good investment for precious metalsse. At present, the market is paying close attention to how the United States can avoid the looming fiscal crisis at the end of the year, and whether Greece can avoid default.

On the evening of the 5th, the internationally renowned rating agency Moody's downgraded Portugal's sovereign rating from Baa1 to Ba2, with a negative outlook, and downgraded its long-term national debt rating to junk. The news once again raised investor concerns about the European debt crisis, and risk aversion pushed gold and the US dollar to rebound. The euro against the US dollar once broke through the 1.44 round mark, and the price of gold also rose from around 1495 US dollars to 1518 US dollars, up 23 US dollars, or 1.54%.

In addition, traders said that the surge in the US stock market and crude oil market that day also affected the trend of gold to a certain extent. The three major stock indexes in the New York market rebounded sharply that day, setting the biggest gain in the next month. New York crude oil prices rose by 1.27 US dollars to 104.2 US dollars per barrel.

At the beginning of this week, Europe's debt problems became worse and worse, making risk aversion continued to heat up. Pushing up the international spot gold prices rose step by step, once again approaching the important resistance level of $1,550 per ounce. The domestic spot gold price also climbed slightly to around 322 yuan/g. The daily chart shows that the price of gold undertook last week's rebound and rally to once again test the important mid-term resistance of $1,550 per ounce. The current wait-and-see atmosphere is strong, and the price volatility gradually narrows. It is recommended that prudent investors take the wait-and-see approach, and aggressive investors can go short near the resistance level and leave the market above the $1556 per ounce. Below short-term support is 1530 US dollars / ounce, 1516 US dollars / ounce. Chen Zhihao, Jinding Gold Trading Center (Source: Guangzhou Daily)

On the 9th, the most active December gold futures price in the gold futures market of the New York Mercantile Exchange closed at $1730.9 per ounce, up 0.28% from the previous trading day, and the closing price was the highest since October 18. Last week, the New York gold futures price rose by 3.3%, the first increase in the past 5 weeks, and also the largest weekly increase since January 20 this year.

It broke through $1700/oz on August 8th! On August 11, it broke another $1,800/ounce in intraday trading! Although the international spot gold price has since corrected and hovered at around US$1,750, the market has been haze in recent days. The European debt crisis, the US debt crisis, the downgrade of the US credit rating, the situation in Libya, and the recent market launch of the third round of quantification for the US The expectation of loose monetary poliIs a good investment for precious metalscy QE3 heats up, and gold has re-inserted flying wings. Starting from last Monday, the international spot gold price surged. Not only did it recover US$1,800/ounce last Thursday, it also rose by US$27/ounce last Friday to close at US$1,851/ounce.

I predict that in the next two years, the price of gold will consolidate in the range of US$1500 to US$1600. Regarding this round of price fluctuations, Yuan Lin, a gold analyst at the Gold Association, said that the recent fluctuations are actually the continuation of price fluctuations in this range.