The Price Of Gold Plummets Due To Multiple Factors

On Friday, September 23, 2011, international spot gold (1618.20, -21.60, -1.32%) (Londongold) opened at 1736.00, the highest was 1754.80, the lowest was 1628.40, and the closing was 1655.80, a range of -4.58%. The daily graph pulls out a big Yin candle with upper and lower leads, creating the maximum decline in a single day and a single week in the near future.

Fundamentally, September 29 becomes a rescue Greece The key moment of. At that time, the German Parliament will vote on whether to allow the European Financial Stability Fund (EFSF) to buy sovereign bonds in the secondary market, and expand its size from the current 250 billion euros to 440 billion euros. The meeting of finance ministers and central bank governors of the Group of Twenty (G20) countries issued a joint statement in Washington on the 22nd local time, saying that they would be committed to taking international coordinated action to address the challenges facing the global economy, ensure the stability of the banking system and financial markets, and deal with the threat of the European debt crisis. The Chicago Mercantile Exchange again raised the margin requirement for gold futures. Affected by deleveraging and fear of counterparty risk, plus the strong upward impact of the US dollar, gold was sold off and fell sharply. The situation is similar to that after the bankruptcy of Lehman in 2008, when the gold price rose rapidly Fall back In one month, the decline rate was more than 20%. The SPDR Gold Trust, the world's largest gold listed trading fund, held 1252.21 tons of gold as of September 23, unchanged from the previous trading day.

Technically, the gold price has fallen below the upper edge of the rising channel since October 2008. Due to the heavy bearish sentiment in the market, the gold price will further test the BOLL middle track and the 40 week moving average in the weekly chart. We believe that it is more likely to get support above the 40 week moving average of $1535. There is still some room for adjustment of the current gold price. If it effectively falls below the 40 week moving average, You can consider long-term long buying between the 60 week moving average and the BOLL lower track of $1348 on bargain hunting.

In terms of operation strategy, gold has reversed recently to meet the high Short Mainly, there is a significant rebound resistance near $1700. If it rebounds to this point, you can consider short short, stop loss of $1710 and stop gain of $1630.