Gold Price Weakening Consolidation, Down Space Limited

< p > last week, the data released by the US Department of labor showed that the number of non farm workers in the United States in November was 203 thousand, which was 185 thousand better than expected, and the unemployment rate dropped sharply from 7.3% to 7% in November.

Such a strong data can not be further suppressed gold must be worth our vigilance, it seems that the market did not expect the fed to reduce its expectations in December.

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< p > the current market is still widely expected that the a href= "http://fz.sjfzxm.com/" > the Federal Reserve "/a" is starting to reduce the QE policy in March next year, because the United States will face the debt ceiling problem in the beginning of next year. If the Fed did not reduce the QE policy in the subsequent Fed rate decision this month, gold would probably rebound at its lowest level.

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< p > when the Fed will reduce quantitative easing, the New York Times and the Wall Street journal give different answers respectively.

The former said the Fed would postpone the cuts until next year, while the latter said that the Federal Reserve would reduce its monthly bond purchase plan by 85 billion dollars in December.

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< p > especially worth noting is that the international a href= "//www.sjfzxm.com/news/index_f.asp", "investment bank" and "/a", which are mentioned above, are generally bearish gold. Such a consistent air watching atmosphere itself implies risks.

However, the second tier is the cost line of some gold mining enterprises. Once the cost price falls, foreign gold mines will reduce production and strike, supply will decrease, supply and demand will change. In this year's decline of gold prices, many enterprises will be heavily indebted and affect actual mining. If they fall again, I am afraid that the actual supply of gold will be further affected.

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< p > therefore, although gold is still weak on the whole as a whole, considering the fact that even the data have failed to beat the gold price and the key support next to it, I am afraid that the space for further decline is limited and may even be bottomed up.

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David Govett, director of the precious metals department of P Marex Spectron, said that since last Monday (December 2nd), the performance of a href= "//www.sjfzxm.com/news/index_c.asp" > gold "/a" has been very calm in the Asian market, and it is expected that this situation will not change in the near future.

At present, the market is turning to the Fed's interest rate resolution next week. Investors are waiting for the result of the biggest risk event before the end of this year.

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< p > institutional analysts also say that the final goal of gold shorts is US $1065 / ounce in terms of technology.

However, in the vicinity of the June 28th low of $1179.80 / ounce and $1172 / ounce in Fibonacci, gold may attract some interest in buying: upper resistance is about $1251.50 / ounce higher on Wednesday, then the November 12th low of $1261.3 / oz.

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