Gold and silver all-day weakness yesterday, began to fall from early morning, after two difficult 1700 gold stabilized, yesterday, many did not continue to strictly observe this point, the sub-period was successfully won by the empty side, gold quickly fell below the 1700 position, Under the trend, silver fell with gold and the decline was basically flat. The gold price failed to effectively stabilize the 1700 line, indicating that the support here has failed and the trend in the latter period may continue to bottom out in search of support. In the previous period, we emphasized that gold's strong support is around 1680. After the 1700 gold defeated the 1700 gold price yesterday, the 1680 was also tested. After a lot of defense, the 1680's important position was easily broken by the empty side, and then many parties gave up completely. Gold and silver began to decline, resulting in the closing of a large Yinxian yesterday.
On the same day, the price of gold for delivery on the New York Mercantile Exchange's Commodity Exchange in February of the next year fell by $48.60 to close at $1,668.20 per ounce, a decrease of 2.8%, which was the lowest closing price since October 24. In the market trading of the day, investors bought US dollars and evacuated commodities and stock markets at the same time. The reason was that the summit of euro zone leaders held at the end of last week failed to ease investors' concerns about the sovereign debt crisis. After yesterday's gold and silver Powei down, the trend may continue to be weak after finishing, seeking the bottom. Gold reached a maximum of 1,714 US dollars yesterday, the lowest 1657 US dollars, and finally closed at 1,666 US dollars, the silver maximum of 32.2 US dollars throughout the day, the lowest 30.8 US dollars, and finally closed at 31.2 US dollars, both gold and silver to close the big Yinxian.
On the European side, the international rating agency Fitch Ratings (Fitch Ratings) said on Monday (December 12th) that EU leaders failed to reach a comprehensive and practical measure to resolve the debt crisis in the euro zone at the summit last week. This will increase the number of EU leaders. In the short term, the euro zone countries are under downward pressure on ratings. Fitch Ratings also stated that in the short term, the euro zone economy will be very sluggish, and it is expected that the overall economy of the region will shrink by one third in the next year. In addition, Moody's stated that the agency still expects to review EU bond ratings in the first quarter of next year and said that although the EU reached a consensus last week, there is no new solution to the regional debt crisis. EUR/USD opened at 1.3265 level in New York session. In early trading hours and midday hours, the exchange rate continued to decline, and the intra-day low was 1.3163, which eventually closed at 1.3186. From a technical point of view, the EUR/USD is below the 10-day moving average and the red kinetic energy column of the MACD indicator has contracted. The KDJ indicator is pointing downwards. If the exchange rate breaks the 1.3570 level, the rebound target will point to the 1.3700 level. If the exchange rate falls below the 1.3140 level, the callback target will point to the 1.2980 level.
The US stock market index closed down 162.72 points, or 1.34%, to close at 12,021.54 points. The S&P 500 index closed down 18.70 points, or 1.49%, to 1,236.49 points. The Nasdaq closed 34.59 points, or 1.31%, to 2 points. , 612.26 points. S&P's 10 major sectors all fell, with most of the losses falling above 1%. Bank stocks are among the biggest losers, and technology stocks are not immune. The S&P Financial Index closed down 2.6%. Bank of America (BOA) closed down 4.7% at $5.45, while JPMorgan Chase fell 3.4% to $32.04. Intel fell 4% to $24. The semiconductor index fell 2.8%.
In the United States, although the tension in the financial markets in the euro zone continued to deteriorate, US economic data began to improve in September and continued to improve in October and November. This week's market focus may shift from the euro area to the United States, and the Federal Reserve interest rate decision on Tuesday will be one of the key events. Taking into account the improvement of the U.S. economy and the risks posed by the Eurozone, there is little room for the Fed to change its policy direction. “From the economic data, the data of industrial output, retail sales, and consumer price index are mixed. The decline in energy prices may lead to continued growth in household purchasing power and it is expected that retail sales will continue to remain strong.â€
Fundamental Analysis The highly-anticipated EU summit ended last week. As investors reacted differently to the outcomes reached by the summit, gold remained volatile after the meeting ended. On Friday, the gold price once rebounded to 1,723 US dollars, but it immediately oscillated again. Go low. Yesterday, during the Asian session, the price of gold dipped and fell below the important support level of $1700. After breaking down important support levels, the market is generally cautious about short-term gold prices.
The future trend of gold prices will obviously depend on how the European debt crisis is further resolved, and the important data that the United States will successively introduce this month. Judging from the current situation, the short-term test of the euro zone will be how to implement the financial alliance agreement reached on Friday. Judging from previous summits, once the leaders of various countries have returned to the country, the decisions made in Brussels may quickly become evasive.
In addition, the rescue scale of ESM is not as high as previously expected. More importantly, the mechanism is unable to obtain additional support from the European Central Bank because it has not been granted bank status. The only good news is that a door from the IMF aid channel was opened? However, the debt of Italy due to expire in February-April next year is as high as 150 billion euros. Therefore, the 200 billion euros of IMF bailout funds passed last Friday may be just a drop in the bucket. All in all, although the EU has taken a step toward solving the European debt crisis, it is still a long way to go out of its predicament. Any variable during the period may dampen the weak market confidence and then hit the gold price down.
Fitch, the international rating agency, said on Monday that EU leaders failed to reach a comprehensive and practical measure to resolve the debt crisis in the euro zone at the summit last week, which will increase the pressure on euro zone countries to lower their ratings in the short term. Moody's said on Monday that the agency is still expected to review EU bond ratings in the first quarter of next year and said that although the EU reached a consensus last week, it lacked new solutions to deal with regional debt crisis. The world’s largest gold exchange deal** (ETF), as of Dec. 9, reduced its gold holdings by 0.41 tons to 1,295.40 tons.
On the same day, the price of gold for delivery on the New York Mercantile Exchange's Commodity Exchange in February of the next year fell by $48.60 to close at $1,668.20 per ounce, a decrease of 2.8%, which was the lowest closing price since October 24. In the market trading of the day, investors bought US dollars and evacuated commodities and stock markets at the same time. The reason was that the summit of euro zone leaders held at the end of last week failed to ease investors' concerns about the sovereign debt crisis. After yesterday's gold and silver Powei down, the trend may continue to be weak after finishing, seeking the bottom. Gold reached a maximum of 1,714 US dollars yesterday, the lowest 1657 US dollars, and finally closed at 1,666 US dollars, the silver maximum of 32.2 US dollars throughout the day, the lowest 30.8 US dollars, and finally closed at 31.2 US dollars, both gold and silver to close the big Yinxian.
On the European side, the international rating agency Fitch Ratings (Fitch Ratings) said on Monday (December 12th) that EU leaders failed to reach a comprehensive and practical measure to resolve the debt crisis in the euro zone at the summit last week. This will increase the number of EU leaders. In the short term, the euro zone countries are under downward pressure on ratings. Fitch Ratings also stated that in the short term, the euro zone economy will be very sluggish, and it is expected that the overall economy of the region will shrink by one third in the next year. In addition, Moody's stated that the agency still expects to review EU bond ratings in the first quarter of next year and said that although the EU reached a consensus last week, there is no new solution to the regional debt crisis. EUR/USD opened at 1.3265 level in New York session. In early trading hours and midday hours, the exchange rate continued to decline, and the intra-day low was 1.3163, which eventually closed at 1.3186. From a technical point of view, the EUR/USD is below the 10-day moving average and the red kinetic energy column of the MACD indicator has contracted. The KDJ indicator is pointing downwards. If the exchange rate breaks the 1.3570 level, the rebound target will point to the 1.3700 level. If the exchange rate falls below the 1.3140 level, the callback target will point to the 1.2980 level.
The US stock market index closed down 162.72 points, or 1.34%, to close at 12,021.54 points. The S&P 500 index closed down 18.70 points, or 1.49%, to 1,236.49 points. The Nasdaq closed 34.59 points, or 1.31%, to 2 points. , 612.26 points. S&P's 10 major sectors all fell, with most of the losses falling above 1%. Bank stocks are among the biggest losers, and technology stocks are not immune. The S&P Financial Index closed down 2.6%. Bank of America (BOA) closed down 4.7% at $5.45, while JPMorgan Chase fell 3.4% to $32.04. Intel fell 4% to $24. The semiconductor index fell 2.8%.
In the United States, although the tension in the financial markets in the euro zone continued to deteriorate, US economic data began to improve in September and continued to improve in October and November. This week's market focus may shift from the euro area to the United States, and the Federal Reserve interest rate decision on Tuesday will be one of the key events. Taking into account the improvement of the U.S. economy and the risks posed by the Eurozone, there is little room for the Fed to change its policy direction. “From the economic data, the data of industrial output, retail sales, and consumer price index are mixed. The decline in energy prices may lead to continued growth in household purchasing power and it is expected that retail sales will continue to remain strong.â€
Fundamental Analysis The highly-anticipated EU summit ended last week. As investors reacted differently to the outcomes reached by the summit, gold remained volatile after the meeting ended. On Friday, the gold price once rebounded to 1,723 US dollars, but it immediately oscillated again. Go low. Yesterday, during the Asian session, the price of gold dipped and fell below the important support level of $1700. After breaking down important support levels, the market is generally cautious about short-term gold prices.
The future trend of gold prices will obviously depend on how the European debt crisis is further resolved, and the important data that the United States will successively introduce this month. Judging from the current situation, the short-term test of the euro zone will be how to implement the financial alliance agreement reached on Friday. Judging from previous summits, once the leaders of various countries have returned to the country, the decisions made in Brussels may quickly become evasive.
In addition, the rescue scale of ESM is not as high as previously expected. More importantly, the mechanism is unable to obtain additional support from the European Central Bank because it has not been granted bank status. The only good news is that a door from the IMF aid channel was opened? However, the debt of Italy due to expire in February-April next year is as high as 150 billion euros. Therefore, the 200 billion euros of IMF bailout funds passed last Friday may be just a drop in the bucket. All in all, although the EU has taken a step toward solving the European debt crisis, it is still a long way to go out of its predicament. Any variable during the period may dampen the weak market confidence and then hit the gold price down.
Fitch, the international rating agency, said on Monday that EU leaders failed to reach a comprehensive and practical measure to resolve the debt crisis in the euro zone at the summit last week, which will increase the pressure on euro zone countries to lower their ratings in the short term. Moody's said on Monday that the agency is still expected to review EU bond ratings in the first quarter of next year and said that although the EU reached a consensus last week, it lacked new solutions to deal with regional debt crisis. The world’s largest gold exchange deal** (ETF), as of Dec. 9, reduced its gold holdings by 0.41 tons to 1,295.40 tons.
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