In the middle of the week, the fundamentals were reversed and the market expected Greece to implement a debt restructuring plan. The price of gold thus stabilized and stabilized. It was above the level of $1,680 during the day on Thursday. The wait-and-see atmosphere in the market is still strong. Investors are highly concerned about the results of the Greek swap agreement and the European Central Bank interest rate meeting.
In terms of fundamentals, there is a lot of good information and it gives the gold market certain support. Private creditors will decide on Thursday whether they agree to replace their Greek government bonds with lower-value securities; the agreement is expected to reduce nearly 1/3 of Greece’s debt burden of 350 billion euros and avoid disorderly defaults. International media reports that if the Fed decides to act again, officials are considering a new form of stimulus to boost the economy.
If we look at the fundamentals alone, the gold price correction may be near the end and the gold ETF inflow is positive. As the gold price falls, the demand for retail gold coins or gold bars may increase.
The technical indicators are still poor, the 200-day MA is still in jeopardy, the KDJ line is fluctuating, uncertainties are increasing, buying is weak, and institutional investment intentions are unknown. The short-term trend of gold prices shows signs of weakness, and does not rule out the possibility of further dips. It is advisable that short-term investors be careful about the bottom, and the rest of the investors should buy long-term bargain-hunting.
Resistance: $1701/oz, Buy: $1651/oz.
At 12:32 GMT, today’s gold price was reported at US$1704.51 per ounce.
In terms of fundamentals, there is a lot of good information and it gives the gold market certain support. Private creditors will decide on Thursday whether they agree to replace their Greek government bonds with lower-value securities; the agreement is expected to reduce nearly 1/3 of Greece’s debt burden of 350 billion euros and avoid disorderly defaults. International media reports that if the Fed decides to act again, officials are considering a new form of stimulus to boost the economy.
If we look at the fundamentals alone, the gold price correction may be near the end and the gold ETF inflow is positive. As the gold price falls, the demand for retail gold coins or gold bars may increase.
The technical indicators are still poor, the 200-day MA is still in jeopardy, the KDJ line is fluctuating, uncertainties are increasing, buying is weak, and institutional investment intentions are unknown. The short-term trend of gold prices shows signs of weakness, and does not rule out the possibility of further dips. It is advisable that short-term investors be careful about the bottom, and the rest of the investors should buy long-term bargain-hunting.
Resistance: $1701/oz, Buy: $1651/oz.
At 12:32 GMT, today’s gold price was reported at US$1704.51 per ounce.