Affected by the news that the Russian central bank plans to increase its holdings of gold and ETF funds have increased their positions substantially, spot gold once again broke through the strong market yesterday, showing a unilateral upward trend since the opening of the Asian market. Recently, a rare Asian-European-North American multi-head relay race market appeared, and the bulls completely controlled the voice that short positions were hard to find. As the gold price approached the $1, mark, it seemed that the market differences suddenly disappeared. The world's largest gold ETF yesterday? SPDR has increased its position by 23 tons again, reaching 1,8.8 tons (which seems to coincide with the auspicious figures that people in China like). In related markets, European and American stock markets plunged, crude oil once again fell below $35, and gold starlight shone together with the dollar to become a safe haven for funds.

review the recent market, SPDR? The investment behavior of ETF undoubtedly plays a key guiding role in the trend of gold price, and its position has far exceeded the amount of gold held by central banks in most countries, so the market impact cannot be underestimated. The technical author no longer goes into details, and today focuses on SPDR? ETF positions are analyzed for investors' reference.

the attached chart shows the relationship between SPDR positions and spot gold trends since August 27. It is obvious from the above figure that SPDR? ETF is optimistic about the long-term trend of gold price, and its position level has been increasing in waves for a long time. Last year, the gold price reached a record high of 1,33, when it held 663.83 tons. In the adjustment market that lasted for nearly a year, the gold price has not reached a new high, but its position has exceeded the historical level of 1, tons, and its position has increased by over 5%. From the adjustment of the market since March 17th last year, the high and low points of the previous bands of gold prices are basically consistent with SPDR positions: < P > 133 ~ 846 lasted for one and a half months, and the fund reduced its position by 83 tons, with a decrease of 12.5%;

846～988? After two and a half months, the fund increased its position by 122 tons, an increase of 21%;

988～736? It lasted two months. The fund reduced its position by 88 tons. Decrease by 12.5%;

736～931? It lasted a month. The fund increased its position by 156 tons, an increase of 25%;

931 ~ 682 lasted less than half a month, and the fund reduced its position slightly by 23 tons, a decrease of 3% (747 tons were held that day);

during the three and a half months from 682 to yesterday, the fund increased its position by 261 tons, with an increase of 35%.

to sum up, this bull market from 682 to 974 has the longest rebound duration since it peaked in 133, and the fund has the largest increase in positions. SPDR has an important say in where the gold price will go next. However, the author believes that the 95 ~ 1 range is a high-risk area, and the gold price may peak at any time with fundamental changes. From the previous data, SPDR has reduced its position by more than 1% every time, which correspondingly brings about 2% adjustment space for the gold price. From the perspective of quantity and energy, the author does not think that its recent large-scale jiacang behavior can be sustained. From the disk, yesterday's bullish market was close to the extreme, and there was little disagreement in market trading. Once the volatile rising market reached the Changyang pull-up stage, It is time for investors to be vigilant when the market is full of enthusiasm. When the bears disappear, the crisis of bulls may come quietly. "If you come out to mix, you will have to pay it back sooner or later." In terms of operation, investors should pay attention to the opportunity of short selling in the middle line.