According to Golden Finance, on the afternoon of June 11th, Beijing time, the spot gold market experienced significant fluctuations, rising by 8 dollars in the short term. As of now, the quoted price is 3,346.18 dollars per ounce. This price trend instantly caught the attention of many investors and market analysts, triggering a heated discussion among all market participants about the subsequent direction of gold prices.
Recently, the gold market as a whole has shown a relatively active trend. From a technical analysis perspective, Reuters technical analysts previously pointed out that spot gold is expected to break through the resistance level of $3,388 per ounce and rise towards $3,408. The current gold price is in a 5-wave trend. This is the fifth wave of the C wave that began at $3,245. According to the forecast analysis, the target of this wave is at $3,408, which is at the 161.8% level. If the gold price successfully breaks through $3,408 per ounce, it may rise further to $3,440 per ounce. However, at present, the gold price also faces a certain risk of correction. The support level is at $3,355. Once it breaks through, it may cause the price to fall to the range of $3,322 to $3,344, which would mean a reversal of the upward trend since $3,245.
The fluctuation of gold prices is usually influenced by a combination of multiple complex factors. At the global economic level, the current global economic growth outlook still has a certain degree of uncertainty. Some economies are facing the pressure of economic growth slowdown, and trade frictions and other problems occur from time to time. This has led to a rise in investors’ risk-averse sentiment. As a traditional safe-haven asset, gold is often favored by more funds in such an environment. From the perspective of monetary policy, the monetary policy trends of major central banks around the world have a significant impact on the price of gold. Recently, some central banks have sent out relatively loose monetary policy signals, and market expectations for future interest rate declines have strengthened. Since gold itself does not generate interest income, in an environment of declining interest rates, the opportunity cost of holding gold is relatively reduced, and its investment appeal is further enhanced.
In addition, the geopolitical situation is also an important factor influencing the price of gold. Recently, the international geopolitical situation has been tense, with conflicts intensifying in some regions. This has intensified investors’ concerns about the safety of their assets, leading them to shift their funds to safe-haven assets such as gold, thereby driving up the price of gold.
While the spot gold price has risen in the short term, other precious metal markets have also experienced fluctuations to varying degrees. For instance, the spot price of silver in London was quoted at $36.186, down $0.392 from the previous trading day, representing a decline of 1.07%. In the domestic market, the price of gold T+D was 774.6 yuan per gram, rising by 5.06 yuan compared with the previous trading day, with an increase of 0.66%.
For investors, in the face of rapid fluctuations in gold prices, it is necessary to remain rational and cautious. On the one hand, the rise in the price of gold may bring investment opportunities, but at the same time, it is also accompanied by risks. Investors should closely monitor changes in various factors such as global economic data, central bank monetary policies, and geopolitical situations, and formulate reasonable investment strategies in combination with their own risk tolerance and investment goals. On the other hand, investors can also consider diversifying their asset allocation to diversify risks and avoid over-concentrating on a single asset. In the current complex and volatile market environment, reasonable asset allocation helps investors obtain returns while effectively reducing the impact of market fluctuations on their investment portfolios.
With the continuous development of the market, how the spot gold price will evolve in the future, whether it will continue the upward trend or experience a pullback, all market participants are waiting to see.
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