SMM News: Friday (May 10 0) early trading, international spot gold prices in the last trading day after a small rebound, maintained at around $1284.32 / ounce. As a result of the sharp rise in global risk aversion, the stock market fell, panic spread, spot gold prices were supported, but the performance of gold prices is still not satisfactory. With the arrival of Friday's big day, the market is waiting for the big news from Trump in the United States and the upcoming post-April CPI rate released by the Labor Department at 20:30 Beijing time on Friday night. Financial markets are likely to set off a storm.!
In view of the trend of gold prices during the day, High Ridge Futures and MarketPulse, the two major foreign precious metal institutions, expressed the following views:
Analysis on the trend of Gold Price Today
David Meger, head of metals trading at High Ridge Futures, said: "due to market concerns, global stock markets have weakened across the board, and gold has remained fairly stable in terms of risk aversion." "Gold technical resistance is between $1290 and $1292, which is the level at which we have seen gold fall back, and the price of gold is consolidation below it," Meger said. "
The agency MarketPulse pointed out that gold rose slightly overnight, closing above $1280, and that gold, considered a safe haven, was once again mediocre.
MarketPulse said risk aversion on Friday and ahead of the "big day" should support gold prices in Asian trading today.
However, MarketPulse said gold had failed to continue to rebound as dollar and Treasury yields fell slightly at night, adding to concerns about its medium-term price movements.
Gold prices could be vulnerable if good news in the US stimulates traders to stay away from safe havens, the agency said.
What was the trend of gold prices in 2019? That's what financial executives think!
On Thursday, a financial executive said gold prices would continue to rise in 2019.
Pereira (Neil Pereira), chief investment officer of IFC (IFC), shared his views on the outlook for precious metals on the sidelines of a mining and currency conference in New York on Thursday.
"Last year, we saw a fall in the price of gold," he said. But in the last quarter of 2018, we saw a sharp rise in gold prices, which I think was partly driven by expectations of lower long-term interest rates. "
Pereira's comments came days after James Brad (James Bullard), president of the Federal Reserve Bank of St. Louis, announced that the rate cut looked more attractive because it could address inflation and gain credibility for the US market.
But Pereira said there were other factors affecting gold prices. "We have seen investors return to gold ETF, and we have seen central banks in China, Russia, Turkey and India all increase their gold ETF purchases," he explained. "
"We expect gold prices to continue to rise in the coming year," Pereira said. He pointed out that in terms of logistics supply and demand, although the market has been balanced for some time, the future will include a long-term increase in supply.