Gold, break $2700 delay!
On Monday, gold fell all day and completely swallowed up all the gains from last Friday, effectively breaking through the support of 2665 to the 2656 line. The Asian market continued to decline in the European market, and the US market accelerated the downward trend. However, there was almost no significant rebound before the US market, and there was no opportunity to wait for a rebound and buy into the market.
The reason why the price did not break through $2700 this time is partly due to the ceasefire agreement reached in the Middle East, as well as the market's pessimistic expectations for the upcoming PPI and CPI data. The number of interest rate cuts by the Federal Reserve in the first half of the year has been cleared, which has to some extent weakened the momentum of gold's rise. Tonight's US PPI and tomorrow night's US CPI will be released.
Today, the focus of gold is on the pressure points of 2674 and 2680. After falling last night, the excess of 2665 in hand will be arranged to leave the area that touched 2674 and 2680 today. The upper pressure is focused on 2678-80. The lower support is in 2648-50. In the short term, it is only oscillating within this range, and the strength of the European market can be followed.
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