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According to NBC reports, on November 11 local time, the President of the United States, Trump, his wife Melania and Vice President Pence went to Arlington National Cemetery to lay flowers. CNN stated that this is Trump’s first public appearance since he spoke in the White House meeting room six days ago. Trump appeared in public for the first time after his “lost election”, with a serious expression of depression. After the elections, the controversy surrounding the transfer of power to the president revived and market concerns continued. On Thursday (Nov 12) in the Asian markets, spot gold rose moderately and the price of gold is now at around $ 1,869 per ounce.
Due to the news of Pfizer’s new crown vaccine on Monday, the tragic situation of the $ 110 gold price collapse is still vivid, investors are still in shock, but this is not over, the market outlook! for gold prices have not yet escaped the risk of a sharp drop!
The latest article from Economies.com, a well-known financial information website, provides a forward-looking analysis of intraday gold trends: the price of gold faced strong downward pressure yesterday, but remained above the $ 1,690.90 per ounce level. , which makes the bullish view valid for some time. The stochastic indicator sends a positive signal, which supports bullish expectations. Currently waiting for the price of gold to climb to the first bullish target of $ 1,901.80 per ounce, with a higher target of $ 1,934.86 per ounce.
Economies.com stated that, on the other hand, we note that the price of gold has formed a double bottom pattern, supporting the expectation that gold prices will rise further in the coming trading days. It should be noted that once the price of gold falls below US $ 1,690.90 an ounce, it will invalidate the aforementioned bullish pattern and stop the bullish scenario. In this case, the price of gold will once again be under downward pressure and it is expected to fall to US $ 1,794.84 an ounce in the short term. .
Economies.com predicts that today’s gold price trade will lie between the $ 1855.00 / ounce support level and the $ 1900.00 / ounce resistance level. Economies.com stated that the expected trend in gold prices today is bullish.
In addition, investors should also keep an eye on the economic bulletin that will be released by the European Central Bank at 5:00 p.m., as well as data on changes in the October CPI and the number of initial unemployment claims in the United States that They will be announced at 9:30 p.m.
The European Central Bank will increase the scale of debt purchases and low-interest loans. Gold still needs to hedge against currency depreciation
European Central Bank President Lagarde said Wednesday that by formulating a new economic stimulus plan next month, the European Central Bank will focus on increasing the scale of emergency debt purchases and providing more low-interest loans. to banks to help the eurozone economy affected by the epidemic. This will lead to an increase in the money supply in Europe, such as the United States, a greater expectation of depreciation of the euro and the willingness of investors to hold gold to hedge risks.
Lagarde said that as the second wave of the new corona epidemic forced countries to adopt new restrictions on economic activities, from the current point of view, the inflation rate of the euro zone may remain at a negative value. for longer than expected.
Lagarde said: “While all options are possible, PEPP and TLTRO have proven themselves in today’s environment and can dynamically adjust to respond to the development of the pandemic. Therefore, they can still be our adjustments.” The main tool of monetary policy “.
Lagarde emphasized the “duration of policy support” to ensure that financing conditions in all sectors of the economy remain “extraordinarily favorable”, suggesting that the European Central Bank can significantly extend these two policies.
After Pfizer Pharmaceuticals of the United States declared on Monday that its new corona pneumonia vaccine was more than 90% effective based on preliminary test results, European Central Bank President Lagarde poured cold water over Investor optimism about growing optimism for the vaccine.
He said: “While the latest news on vaccines appears encouraging, we may still face a cycle of accelerated virus transmission and tightening of restrictions until widespread immunization is achieved.”
How-to guide to investing in gold, share financial management tips and boutique investing, and take you on the path of wealth appreciation! Everyone lost in the stock market crash, but I made money investing in gold! Support the precious metals to check the market in 1 second, click “Gold”, “Gold”, “Silver” and other keywords in the menu bar to know the real-time market quote. Dear, are you worried about fluctuations in the price of gold? Do you want to buy gold?
Goldnet Statement: Reprinting of the above content by Goldnet does not confirm its description and is for investors’ reference only and does not constitute investment advice. Investors trade accordingly at their own risk.
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