Metals News
Gold pressure continues to accelerate decline, but bulls are still supported by three forces
translation
14:52PM
Source:Huitong network
The content below was translated by Tencent automatically for reference.

SMM News: on Thursday, the international gold price rebounded slightly after continuing to bear the pressure to decline. After analyzing the personnel table, the possibility of a rising conflict between the United States and Iran has declined after the United States and Iran softened their positions, but market uncertainty is far from gone.

Ilya Spivak, senior currency strategist at DailyFx, said that after the situation in the Middle East signalled that it was seeking to defuse the crisis, "there has been some easing in market sentiment." We did not see an immediate escalation of the situation, but it is also inaccurate to say that it will not escalate, and there is a risk. "

"geopolitical concerns across the Middle East persist and will continue to support gold prices, and gold bulls are still likely to buy above key support levels," Stephen Innes, market strategist at AxiTrader, said in a report.

SPDR Gold Trust, the world's largest gold-listed trading fund, fell to 886.81 tonnes on Wednesday, down 1.05 per cent from Tuesday.

Investors are also looking at Chinese data. Consumer price index (CPI) rose steady at 4.5 per cent in December from a year earlier, below market expectations of 4.7 per cent, while producer price index (PPI) fell 0.5 per cent in December from a year earlier, the smallest decline since July 2019.

The World Bank on Wednesday slightly downgraded its global growth forecasts for 2019 and 2020 as the recovery in trade and investment remained slower than expected despite cooling international trade tensions.

The geopolitical and economic factors that affect gold prices in 2019, including Brexit and the Fed's monetary policy, will continue to play a role in 2020, the World Gold Council (WGC) said in a report.

Spot gold may be called back to $1509

Spot gold started a downward correction from $1611. Gold has fallen below $1548, which is 38.2 per cent of the Fibonacci retracement in the $14451611 uplink. The lower support levels look at $1528 and $1509, which are 50 per cent and 61.8 per cent of the range, respectively.

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