Gold: When will it go up to 2700 again?!
How long will gold rise to 2700? Just yesterday, the central bank announced that it will increase its holdings of 330000 ounces of gold, or 9.36 tons, in December, and increase its holdings of gold by 1.42 million ounces for the whole year of 2024.
Additionally, it is worth noting that compared to November, the country's foreign exchange reserves amounted to 3.2 trillion US dollars. Compared to November, foreign exchange reserves decreased by 63.5 billion US dollars, a decrease of 1.94%.
From this, it can be seen that while the central government is increasing its holdings of gold, it is also reducing its foreign exchange reserves! What signal does this increase and decrease release? I believe everyone knows!
Recently, we have also seen that after the New Year, gold has started a phase of upward movement, but as of now, it has not yet broken out of the large range of consolidation. The short-term 2665 above is still worth paying close attention to, followed by 2700!
Especially the US GDP employment data to be released tonight at 21:50 and the initial jobless claims at 21:30, which are likely to give direction to the trend in the second half of this week. Of course, compared to these, Friday night's non farm payroll is the finale!
So with so many basic data listed, what should gold do next? Can gold still see 2700 in the short term?
Firstly, based on the published data, there is no doubt that it is boosting bullish confidence. Specifically speaking of the current market situation, there is a multi cycle bullish resonance. However, from a technical perspective, as long as the short-term market can close below 2665, then 2700 is just a temporary move!
Of course, it depends on whether tonight's data will directly help the bulls reach a new level!
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