Recently, the price of gold (177, -9. 18, -4.95%, right) has been falling continuously. Yesterday, there was a drop of nearly 10 yuan per gram. However, the insiders believe that in the medium and long term, the gold market is still a bull market pattern, and investors need not be too scared.
It is understood that the international spot gold price opened at 9 12.05 USD/ounce last week, with the highest at 9 15.50 USD/ounce and the lowest at 850.50 USD/ounce, closing at 855.55 USD/ounce, down 6.00%. COMEX gold futures closed below $830 an ounce on Monday, once down $40. Yesterday, the spot gold price in the Asian market expanded its decline in early trading, hitting an intraday low of 80 1.90 USD/oz, the lowest since the end of February last year, which was 65,438+.
Affected by the international market, domestic gold prices have also continued to fall since last week. According to the transaction records of the Shanghai Gold Exchange, the price of gold was above 20 1 yuan per gram last Monday, and it fell more than 5 yuan per gram on Tuesday. At the end of last week, the price of gold closed at 1, 9 1 yuan per gram, down about 10 yuan from the beginning of the week. Yesterday, the price of gold fell sharply again. Au9999 and Au9995 closed at 180.00 yuan and 179.48 yuan per gram, respectively, down 9.88 yuan and 10.47 yuan from the previous trading day.
According to reports, the latest Bloomberg Global Commodity Survey shows that the international gold price will continue to fall this week. Recently, due to the strength of the US dollar against the euro, the attractiveness of precious metals as an alternative investment in the future is weakening.
People from Weixin Investment Research Center pointed out that the price of gold dropped sharply last week, especially after breaking through the $870 mark per ounce, which was regarded as the dividing line between bulls and bears by many market participants, the gold market bred the panic of falling into a bottomless pit, and there were many signs of overbought and oversold in the short-term market. Last week's decline in gold prices was largely guided by the strong trend of the US dollar. Although the strength of the dollar is unexpected, short-term overbought signals are rare in recent years. It is unwise to continue blindly bullish on the dollar at least in the short term. From the analysis of the crude oil market, the short-term oil price has been oversold. He predicted that the medium-term adjustment of oil prices will continue, but investors should not be too pessimistic about the oil market in the short term.
At present, the fundamentals have not changed significantly, but the bad situation of the American economy has not deteriorated further. Under the expectation that inflation may slow down after the sharp drop in oil prices, the market thinks that it is impossible for the European Central Bank to raise the euro interest rate in response to the inflation crisis, and then pay attention to the risks that may be caused by the weak economy in the euro zone, which makes the euro sell and the dollar passively gain favor. The strength of the dollar and the further weakening of oil prices have made the safe-haven charm of gold dim in the short and medium term, and the price of gold has been greatly suppressed. However, it is expected that the bull market pattern of gold in the medium and long term will not be shaken, and the staged rebound of the US dollar is only an episode of the macro downturn.
People from the Gaosaier Research Center suggested that in view of the fact that the euro and oil prices in the market are waiting to stabilize this week, and the price of gold is no exception, the market is facing a long-term direction choice, and investors are advised to pay active attention to it. Once the gold price "stands firm" in the range of 845-850 USD/oz, the market outlook will face a rebound. After all, the price of gold has been suppressed for too long, and investors are advised to actively do more around $850 per ounce. However, since the current price of gold has not stabilized, once it falls below $845 per ounce, investors who participate in long positions should resolutely stop losses.