First of all, it is driven by liquidity. Central banks around the world continue to release water and inject a lot of liquidity. However, due to the strong economic recovery, a large amount of funds did not enter the real economy, but entered China stock market, gold and other assets, pushing up the price of gold.
Second, the impact of the global recession cycle, if the economic recession that pushed up the price of gold last year was expected, this year's economic recession has become a reality. Looking for the economic aggregate, there will be an obvious decline this year, that is, the downward trend will push up the price of gold.
Third, the devaluation of the currency, gold as a rare precious metal with limited reserves and limited mining speed. It has obvious stored value attribute and is called hard currency. It can also be regarded as a monetary equivalent. It will depreciate for a long time, and the future currency depreciation will be significantly faster than in previous years. The dollar, the pricing currency of gold, will continue to depreciate, which will also make the price of gold relatively high.
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It is suggested that holders of coins wait and see and do not rush into the venue.
"The main reason for the decline in international gold prices this time is the technical callback." Zhu Zhigang, vice-president and chief analyst of Guangdong Gold Association, said that the price of gold soared some time ago, and there was a situation that selling gold exceeded buying gold in the market. The demand for buying gold is not enough to support the trend of gold prices, and there will inevitably be a callback.
China Merchants Bank believes that the current callback is a normal phenomenon after the surge, and the logic of the trend increase of gold has not changed, and bulls can continue to hold it.
Huatai Futures believes that at present, the trend of loose global central banks and weak US dollar will continue, and the pressure brought by the adjustment of economic expectations may continue in the short term. On the contrary, after adjustment, precious metals are still a long-term configuration choice.
"The cycle of gold ups and downs is originally the basic law of trend operation." Li Yun, a senior analyst at Matsui Investment, said that from the medium-term trend of gold, the upward trend since March 9 this year has remained good. Although it is falling now, it has only changed from the original straight-line rise to a tortuous rise, and has not changed the medium-term upward trend of international gold prices.
In view of the current strong correction of gold, Li Yun suggested that some gold investors, if they are holding money and waiting to see, do not need to rush into the market, and can wait until the trend of this round of adjustment is clear before making a judgment; If you are eager to reverse the bearish operation, stop loss is recommended.
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