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Last Friday, the international gold market was divided by long and short, and the price of gold showed a range of turbulence. Analysts believe that due to the unexpectedly improved US non-agricultural data recently released, which constitutes a strong support for the US dollar, the US dollar index soared, putting pressure on the gold market, and gold short-term bulls tend to profit short-term after the price of gold rose for four consecutive days. Field, which makes the gold price unable to further increase. On the daily k-line chart, the price of gold received an approximately negative cross-star, indicating further widening of short-term and long-term differences. This is unfavorable to the bulls' short-term rebound since entering the New Year, which means that the short-term bullish offensive has temporarily slowed down and the market is facing a certain demand for adjustments. According to technical analysis, the current price of gold is more likely to be constructed in the mid-term bottom pattern, and currently it is moving towards the possibility of forming a right shoulder, and it is recommended to focus on the buying support effect of the 1575-1600 range.
Fundamentals and related markets According to the latest data tracking of the world's largest gold ETF SPDR Gold Trust, the global gold stocks held on January 9 have not changed, with the total holdings of SPDR Gold Shares at 1,254.57 tons.
On the evening of January 7, the US Eastern Time (Beijing time January 8 morning), the New Year holiday ended, the European debt crisis back to the agenda. German Chancellor Angela Merkel and French President Nicolas Sarkozy will meet in Berlin on Monday. The focus of their meeting will focus on formulating new rules to promote the implementation of budget discipline throughout the European Union.
The December non-farm employment report released by the U.S. government showed that the month-on-month increase in employment significantly exceeded market expectations, while the unemployment rate fell to 8.5%, the lowest in nearly three years. The December employment report is by far the most powerful report indicating that the US economy has become more active.
Data on Friday showed that European commercial banksâ€™ overnight deposits at the European Central Bank reached a record high of 455 billion euros. This shows that banks are more inclined to seek the security of the central bank rather than borrowing money from each other to obtain high interest rate gains.
In the intraday trading Friday, the euro/dollar exchange rate hit another 16-month low as the US dollar rose due to a good job report. In North American foreign exchange transactions, the exchange rate is as low as $1.2696. According to FactSet data, this is the first time that the EUR/USD exchange rate fell below the 1.27 mark since September 2010. The dollar index rose sharply. As of 0:30 Beijing time, the index rose to 81.363, up 0.5% from Thursday's close.
The international spot gold price in the Asian market today opened near 1612, and the price showed a downward trend. Analysts believe that due to the unexpected improvement of the latest non-farm payrolls data on the United States last Friday, the U.S. dollar index was positive, pushing the U.S. dollar index to soar. The price of gold suffered a downward trend, and the k-line received a negative cross star, indicating that the dollar was short-term. The gap was further expanded. On the daily k-line chart, the K-line is a cross star, which means that the short-term price of gold is facing the risk of falling back. From the point of view of the integrated technology, the price of gold still fell back to the range of 1575-1600 and formed the market trend of the right shoulder. With the appearance of differences between Friday and Sunday, gold prices will begin to decline this week. It is expected that today's gold price will accelerate or fall back. The bottom line is to focus on the 1580 first-line support effect. Today's proposal is short at 1610.
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