Paper gold price V-shaped reversal pattern has not changed concerns European Central Bank interest rate resolution
The market is still worried that the European Central Bank resolution will suppress the euro this week, the European Central Bank may still choose to reduce the QE policy in October. It is considered that the European Central Bank is more likely to be vague on the policy, and the price of paper gold will be slightly under pressure, but the long-term bullish trend of gold prices is expected to remain unchanged.
As of September 5th, as of press release, the latest price of paper gold price was 280.26 yuan / gram, up 0.08 yuan, or 0.03%. Today's news is relatively light, the paper gold price market appears to be long and empty, and the day has been oscillating above 280.
Paper gold price daily chart
Today, the price of paper gold hit a maximum of 281.17 yuan / gram, mainly because the situation in North Korea continued to ferment and boosted the price of gold. The market believes that North Korea should have action after the launch of the hydrogen bomb, and it will not stop so soon. Trump is also expected to speak to pressure North Korea. If this matter continues to ferment in the later period, the price of paper gold is still on the rise.
Tuesday (September 5) US retail data July durable goods order monthly rate final value, July factory order monthly rate will be announced at 22:00 Beijing time, if the US economic data is good, paper gold prices are expected to increase pressure, However, if the performance is not as expected, the ICBC paper gold price will definitely break through the 282 mark.
In addition, the market is still worried that the European Central Bank resolution will suppress the euro this week, the European Central Bank may still choose to reduce the QE policy in October. It is considered that the European Central Bank is more likely to be vague on the policy, and the price of paper gold will be slightly under pressure, but the long-term bullish trend of gold prices is expected to remain unchanged.
This week, ICBC Paper Gold will meet the test of the central bank such as the Federal Reserve and Europe. In addition, although the technical indicators are serious, the shorts are still on the rise. Be wary of heavy data at night to suppress the price of gold falling below 280.
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