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With less than two weeks to go before the UK's referendum on leaving the European Union, the market's risk aversion sentiment increased. Spot gold and the US dollar index were both favored by safe-haven buying. Gold continued to rise last Friday, continuing the recent volatile upward pattern. In addition, silver prices also maintained a strong upward trend in shock. It is expected that gold and silver will fluctuate upward in the market outlook. Investors can choose the strategy of buying a small amount and going long.
The British referendum day is getting closer. Cameron, Finance Minister Osbourne and other senior officials have been promoting Remain in the European Union for days, but surveys have found that only % of Conservative Party supporters are in favor of remaining in the European Union, far behind the Brexit side. According to market statistics, the number of respondents who support Brexit exceeds those who remain in the EU by 1 percentage point. This is the first time since the survey was launched a year ago that Leavers have a double-digit lead. Market risk aversion continues to rise, which stimulates gold and silver to rise.
The U.S. economy is recovering. The initial value of the University of Michigan's U.S. consumer confidence index in month was higher than expected but lower than the month-end value. Data showed that the initial value of the University of Michigan's U.S. consumer confidence index in month was . Reuters survey estimated that it was . The final value is... The initial value of the University of Michigan's U.S. Consumer Current Conditions Index was ., the highest since January. Good economic data added momentum to the rise of the U.S. dollar index and suppressed the trends of gold and silver.
Gold technical analysis: Gold reached its highest and closed lowest last Friday. The price of gold continued to rise last Friday, continuing the recent upward trend. The market's active buying power is increasing. At present, the daily chart of gold has formed a fluctuating upward channel, and the market outlook may fluctuate upward. The moving averages on the daily chart begin to turn upward, and the double lines in the corresponding D indicator slowly move upward, which may push up the price of gold. It is expected that gold prices will fluctuate and strengthen in the market outlook. Investors may consider the strategy of buying a small amount and going long.
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