International Spot Gold Fluctuated Extensively Last Week

International spot gold up to 1210.65 U.S. dollars / ounce, the lowest touch of 1167.45 U.S. dollars / ounce, although the final small overcast, for third consecutive weeks down, but after the strong U.S. dollar stabilized 90 points after the jump to 91 above the pressure, 1180 U.S. dollars / ounce lower lower plate clearly shows that the market is not willing to push too low gold prices, and 1200 U.S. dollars / ounce will be an important level of short-term competition.

The economic data released by the United States last week, including consumer confidence, manufacturing and the property market, were not as good as expected, but did not hinder market confidence in the recovery of the US economy and the expectation that the Federal Reserve will start raising interest rates this year.

A report from the Philadelphia fed even showed that the Fed should immediately raise interest rates, leaving a blockbuster in the light market condition of the new year's holiday, pushing the US dollar index to get rid of the finishing trend of the 90 pass and refresh its over nine year high.

However, under such a strong pressure,

The drop is rather limited, and its stability is above $1180 / ounce, reflecting strong resilience.

Regional events should be divided into two parts. On the one hand,

The third round of the presidential vote was not passed, leading to Greece's early election, the risk of Euro retreat caused the risk aversion of the market warming, good hedge gold.

The European Central Bank President Delagi, speaking frankly that the euro zone deflation risk intensified, will take further stimulus measures at the beginning of the year, and the relaxed environment will also provide support for gold.

On the other hand, the euro continued downhill under the oppression of the two mountains, indirectly pushing up the US dollar and limiting the rebound in gold prices.

But as mentioned above, at the US $1200 / ounce point, the reaction of gold to a strong dollar is not fierce, or it is foreshadowing for gold prices to stabilize.

The market is extremely pessimistic about the euro area inflation data this week. It is expected that the euro area consumer price index will fall to below zero in December, while the minutes of the Fed meeting may not provide too many new clues. But the market expects the US Federal Reserve to remain optimistic about the US economic outlook, and it is expected that the number of non farm payrolls announced on Friday will be around 240 thousand.

All the spearheads pointed to the good dollar and unfavorable gold, but for the concussion gold, it is necessary to pay attention to whether these profits can be realized. If cash is fulfilled, can the gold price keep the bottom of the current interval, so as to judge the further trend; if the bad profits fail, it will make the gold above 1200 above the level that we did not want to bow.

Technically, Zhou Tao's gold price is in a downward channel. In early November, it supported the rally from the bottom of the channel. It was temporarily blocked by the 20 week moving average (now near 1210). It failed to keep rising. However, the 1180/1170 region at the bottom provided strong support, and the rebound trend was not damaged.

The daily chart has been unable to break down 1180-1170 supporting areas since its fall in 1240, but the rebound has been limited by the 1200/1210 area, and it has been treated temporarily in the interval.