Gold prices broke through the resistance rise

Last week, the first summit of the European Union failed to make substantial progress. On Wednesday, the second meeting of the finance ministers would continue to be cancelled on Tuesday, causing worries about the market. In the gold trading market, the short-term “buy-expected” behavior of the EU summit has pushed the international spot gold price breakout range consolidation pattern to climb above the $1,700/oz level, and it is necessary to guard against the short-term risk of “selling real” risks.

At the same time, central banks in various countries have introduced loose monetary policies in an effort to make overall commodity market prices recover. It is expected that the domestic spot gold price will stabilize at 350 yuan/g over the short term.

In the gold market, with the advent of the global physical sales season for gold, the physical demand for gold continues to heat up (especially in Asia).

At the same time, in the investment market, the world’s largest gold bullion (ETF) is also increasing its holdings, showing that institutions and investors are still optimistic about the gold price outlook, and the market bullish atmosphere has become increasingly active.

Recommendations: From a technical point of view, the daily chart shows that the international spot gold price broke through the range of the recent one-month consolidation, the upward resistance has risen, and the short-term trend has gradually strengthened, and it is expected that the short-term outlook will maintain the oscillatory upward trend. In trading ideas, short-term can be bought on the bargain, the long-term line can be bought in the vicinity of the support level. Short-term resistance above 1750 US dollars / ounce, below support 1680 US dollars / ounce.