London Gold (8month30day)

Due to the rise in oil prices, the US stock market rebounded, and gold prices have also rebounded significantly from their early lows.goldProducerBarrick GoldDirector Welkin stated that despite a decline in home sales, indicating signs of recession in the US economy and a weakening in some luxury goods consumption, gold demand in the US jewelry industry remains strong. In addition, the World Gold Council states that gold The steady rise in prices has boosted the popularity of Türkiye, whose gold imports may hit a new high this year after the election. In addition, although the gold market has been fluctuating during periods of market turmoil, it has flowed into gold this weekETFThe amount of funds has reached a record high, but Affected by the panic caused by the credit crisis. LondonETFThe gold position of funds under securities companies increased significantly last week331,835Ounces, one of which increased by nearly20Ten thousand ounces. The world's largest GoldETF--StreetTRACKS Gold SharesIts gold holdings increased this week515.44Record high for tons. However, it is estimated that the gold trend will still closely monitor the impact of subprime mortgages on the credit market.

The price of gold has fallen together in the past two days, but it still remains at660to670Within the key range, there has been no change in the overall trend pattern. Gold prices hit a high yesterday668.80USD, continue to receive669 / 670The related resistance is suppressed, and it can be expected that only when the future gold price breaks through this resistance, the gold price will achieve a short-term strengthening trend and have the opportunity to try it out676USD8Monthly high. Due to8At the beginning of the month, gold prices were restricted for three days by 676Level, therefore, if it can break through this area, it can also confirm that the gold price has the power to further expand and increase. It is expected that the lower level challenge target will be06Downward trend line680/681Horizontal. But there is currently no substantial benefit Under the stimulation of factors, coupled with the turbulent environment of the financial market, gold prices still face the risk of further downward support. Below can be9Balance moving average663The US dollar is used as a supporting reference. If the price of gold has risen by 10% in the past two weeks As seen from the trend line, it is also evident that the support position is663Horizontal, therefore, if seen daily663Failure or significant decline may occur, and important support will be provided in the future658.50. Calculated by the golden ratio,38.2% Adjustments will be made to658.50USD,50%and61.8%Callbacks can be seen separately655.10and651.80USD.

London Gold 8month30day
Predicting early wave amplitude:663.00 - 670.80
Support bit:658.50 - 653.00
Resistance level:673.00 - 676.00

(Analysis provided by the Research Department of King Financial Group's Cross Harbour | www.MW801.com)