Short-term objective factors
In the gold market in November, the price of gold was in a zigzag situation. It was a month with fluctuations and volatility (less than 5% volatility). The monthly gold price was 1237 (US$ per ounce) and the low was 1201 (US$ per ounce). This is similar to the expected volatility of 1200 to 1250, with an upper and lower volatility of only US$36 (±2.91%), while the gold price is based on the closing price, from 1215 on October 31 to 1224 on November 29, the price of gold only slightly changed by 0.74%. The main reasons for the impact on the price of gold during the period were: the high-level officials of the US Federal Reserve Board, the common comments on the sentiment of the interest rate and the market reaction, the strength of the US dollar, the rise and fall of oil prices, and so on, while the political situation in the middle of the month was not much worry. From the monthly chart, the price of gold has started to decline since the beginning of the year. The main reason is that the strong dollar and the rising interest rate have suppressed the gold without interest income. However, in the past three months, the price of gold began to rebound. In October, the rebound was only considered as long-term. A break adjustment in the downturn was also intended to challenge the $1,250 mark. However, due to lack of buying power, I finally retreated and returned. However, the trend of hardware prices last week was obviously a good news. In fact, during the trading hours last week, the US market pushed down the price of gold and bought it in the Asian morning market the next day. Until Friday, the buying was stronger and the day was not high. After the non-agricultural data came out, it was a major psychological barrier of $1,250.
Gold price test 1260 US dollars range
Although the United States may reduce the rate hike cycle, it is more lethal, and it is still supportive of the strong dollar, which should be unfavorable to the price of gold; but the latest French unrest, and the number of doubts about the Brexit issue, plus the Ukrainian war, However, it is to support the price of gold, so it is difficult to have a clear direction in the short-term gold price. At this moment, it is definitely not a good opportunity to enter the market. However, there is still a hidden family in the market; gold producers, based on the instability of the global economy, in order to maintain the production business, the gold merchants will certainly sell the gold in favorable conditions, thus suppressing the medium-term rising opportunity of the gold price, which is particularly noteworthy. It is Australia. Due to the disappearance of the regional economy in recent years, the mining industry is not working. As long as there is a slight profit, there will be action. This month, the market will face global oil price declines. It is expected that US inflation will fall and it is expected to slow interest rate hikes. However, the Ukrainian war and the Iranian issue continue to be tight, so the overall initial price of gold is short-term, and will challenge the US$1,260 to $1,265. Interval, it is advisable to consider the gold price retreat in the range of 1242 to 1246.8 US dollars for a good position to absorb, because the investment must be risky, should be a stop loss of 1238.3 US dollars. This is due to the intensive transaction in the $1,239 range, and if unfortunately broken, it will test the $1,235 range. US Construction and Precious Metal Research Department Du Puzhen