The debt problem in the euro area was again concerned by investors as Greece’s default risk increased, and the recent surge in the US dollar continued to put pressure on non-US currencies and commodity market gold prices.
The price of gold has also been under pressure, falling into a downward trend at the beginning of this week, and the price of gold will be tested in the short term at an important support near 1,770 US dollars per ounce. The gold price also tested back to the threshold of 340 yuan/g.
The European Central Bank, the Bank of England, and the Bank of Canada will announce interest rate resolutions tonight and expect to maintain the existing low interest rates unchanged. Easing monetary policy to support a fragile economy has become the default measure adopted by central banks, which has laid a hidden danger for future inflation.
What merits attention is the remarks made by European Central Bank President Draghi on the current stage of the euro zone economy and related central bank measures after the announcement of the interest rate resolution. After entering March, the entire financial market experienced severe turbulence as expected. The volatility of the gold price in the market has increased during the day and trading risks must be guarded against.
Technically, the daily chart shows that the price of gold fell sharply after breaking below $1695/oz on Tuesday and fell sharply once, and it was lower for a price of around $1660 per ounce. The short-term gold price trend has released the short-term downward pressure, and it is expected that the gold price will bear short-term or continued tests of important support near 1670 US dollars/ounce.
If the support can be stabilized in the short term, the gold price outlook may be expected to reverse the recent decline again. On the transaction, it is recommended that short-term short selling be profit-taking. After more than one midline can stabilize the above support, wet storage tries to buy in batches. The short-term upper resistance is 1695 US dollars/ounce, and the next important support is 1650 US dollars/ounce.
Support: $1650/oz, Resistance: $1695/oz.
At 11:37 GMT, today's gold price is reported at 1686.44 U.S. dollars per ounce.
The price of gold has also been under pressure, falling into a downward trend at the beginning of this week, and the price of gold will be tested in the short term at an important support near 1,770 US dollars per ounce. The gold price also tested back to the threshold of 340 yuan/g.
The European Central Bank, the Bank of England, and the Bank of Canada will announce interest rate resolutions tonight and expect to maintain the existing low interest rates unchanged. Easing monetary policy to support a fragile economy has become the default measure adopted by central banks, which has laid a hidden danger for future inflation.
What merits attention is the remarks made by European Central Bank President Draghi on the current stage of the euro zone economy and related central bank measures after the announcement of the interest rate resolution. After entering March, the entire financial market experienced severe turbulence as expected. The volatility of the gold price in the market has increased during the day and trading risks must be guarded against.
Technically, the daily chart shows that the price of gold fell sharply after breaking below $1695/oz on Tuesday and fell sharply once, and it was lower for a price of around $1660 per ounce. The short-term gold price trend has released the short-term downward pressure, and it is expected that the gold price will bear short-term or continued tests of important support near 1670 US dollars/ounce.
If the support can be stabilized in the short term, the gold price outlook may be expected to reverse the recent decline again. On the transaction, it is recommended that short-term short selling be profit-taking. After more than one midline can stabilize the above support, wet storage tries to buy in batches. The short-term upper resistance is 1695 US dollars/ounce, and the next important support is 1650 US dollars/ounce.
Support: $1650/oz, Resistance: $1695/oz.
At 11:37 GMT, today's gold price is reported at 1686.44 U.S. dollars per ounce.