With the weakening of the US economic recession, the US dollar index rebounded, putting pressure on gold prices. In addition, according to the position report of the US Commodity Futures Trading Commission (CFTC), the net long position of COMEX Gold Futures Fund declined for three consecutive weeks. In recent days, the rise of gold price in new york is mainly due to short positions, rather than the entry of long-term funds. At the same time, with the improvement of global inflation, gold, as an anti-inflation asset, has gradually weakened its function of maintaining value. Therefore, the international gold price market outlook will still maintain the pattern of weak oscillation downward.

Second, the recent light transaction situation will continue.

Due to the relatively small trading volume, the Shanghai gold futures price has little influence on the international gold price, mainly following the external gold futures price. It is precisely because the international gold futures price has a high degree of guidance to the domestic gold futures price. Therefore, in the context of the weak international gold price, it is difficult for domestic gold futures prices to have much room to rise. At the same time, the decline in the price of gold weakened the function of maintaining the value of gold assets, so many domestic gold futures investors began to turn to other investment varieties. For example, with the recovery of the stock market, stock investors who invest in gold futures have returned to the stock market. Lack of confidence and the departure of funds will inevitably lead to light trading of gold futures for a period of time.

Third, it is too early to say that gold has entered a bear market.

Can we judge that gold futures have entered a bear market according to the current and future price trends of gold futures? The author believes that it is too early to expect gold futures to enter a bear market.