Summary:
In the early trading of the Asian market on Wednesday (August 14), spot gold rose slightly, with the latest report of around $1,502/oz. On Tuesday, gold prices rose all the way since the opening, hitting the high of 1534.70 for a while. Subsequently, under the double blow of the strong CPI data and the improvement of the trade situation, gold plunged sharply, reaching a low of $1,479.90 per ounce, once falling more than $50; the international silver html fell by more than 2.5% in 5 days, falling below the $17 mark. Analysts said that in the long run, the fundamental support of gold has not changed. There are many things that worry investors in the market now, and global capital is pursuing and safe-haven. At present, the gold price remains stable above 1,500, indicating that the bulls are still strong and gold still has room for further growth. At the same time, risky assets will take advantage of the trend to rise, and investors should seize the opportunity to enter the market.
Yesterday's trend review
International spot gold Asian market opened at US$1497.26/oz in the morning, and then the gold price rose briefly and then turned into consolidation. After a narrow range of fluctuations, the gold price fell sharply, recording an intraday low of US$1487.43/oz, and then rebounded V-shapedly, and the gold price fluctuated upward. Gold prices in the European market continued to rise slightly before turning to decline. The gold price in the US market once again turned into a narrow range of fluctuations, and the bulls suddenly rose, and the gold price rose sharply, recording the intraday high of $1,519.00/oz and then fell, finally closing at $1,510.91/oz.
International spot gold opened at 1497.26 yuan/ounce in the early trading of the Asian market on Monday (August 12), with a low of $1487.43 yuan/ounce, and a high of $1519.00 yuan/ounce, closing at 1510.91 yuan/ounce, up 13.81 yuan, an increase of 0.92%.
Gold ETF holdings
Yesterday, the world's largest gold listed trading fund, SPDR Gold Trust, had a gold holdings of 836.66 tons compared with the previous trading day, indicating that investors are more cautious in gold investment.
Breaking event review
On Tuesday (August 13), the latest report of the U.S. Department of Labor stated that the monthly rate of CPI in July increased by 0.3%; expected growth of 0.3%; the annual rate of CPI in July increased by 1.8, expected growth of 1.7%; the annual rate of CPI in July increased by 2.2, expected growth of 2.1%. Some institutions said that the U.S. CPI growth rate in July was strong due to higher prices of energy and most other goods and services.
Economies.com said that gold prices encountered strong negative pressure overnight and began bearish corrections to the latest round of upward trend. The article pointed out that the gold price once fell to the latest upward trend of 38.2% Fibonacci retracement level of 1483.60 USD/oz. This level serves as a solid support for the gold price and pushes the gold price to rise again, thus allowing the possibility of gold price continuing the overall bullish trend still exists. Economies.com said its next target for gold is $1,560.00 per ounce. The maintaining of gold above $1,483.60 per ounce is a key condition for its continued expected upward trend.
Kitco Gold said in a report released on Tuesday (August 13) that hedge fund manager and former White House communications director Anthony Scaramucci said gold is a near-term safe-haven asset, but it depends on the potential of other assets in the long run. “It’s a safe haven in the near future, but in the long run, it really doesn’t solve people’s problems,” Scaramucci told Kitco News. "I would rather invest my funds into assets that I think will actually return, rather than waiting for the entry point that others think is more valuable."
Today's focus
10:00 Beijing, China National Bureau of Statistics held a press conference on the operation of the national economy in August
20:30 US July export price index (annual rate)
22:30 US EIA crude oil inventories last week (10,000 barrels) (to 0809)
Source: Gold Network
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