China golden week in review: signs of economic recovery to suppress the gold price to go down
Last week, the general trend of domestic gold prices Overview:
International April 27 the week spot gold down Shanghai spot gold also fell. Analysts said the world economy showed signs of last week, United States economic data are better than expected, puts pressure on gold; investors should pay close attention to the swine flu outbreak update, if the epidemic worsened, triggering heightened risk aversion, gold prices may rebound.
As of April 30, AU9999 price of gold opened 197.01, intraday highs and lows, respectively $ 198 and $; close $ 197.75, up $ 0.63 per cent over the previous trading day, up to 0.32%. Trading volume of 1069.4 kilograms.
$ AU9995 price of gold opened at 196.8, intraday highs and lows, respectively $ 197.77 and $; close $ 197.58, up 0.53 per cent over the previous trading day, up to 0.27%. Turnover 1686 kg.
Affect the gold price trends in the last week of positive factors:
1. increase the 454 ton gold reserve, 1054 tonnes, the world’s fifth largest gold reserves, and may further increase the reserve for the future.
2. concerns about the spread of the swine flu outbreak the world stock market declines, crude and the weak euro and strong risk aversion in the market.
3. data showed Dubai World conglomerate Dubai World Group, Dubai’s gold imports per cent growth in the first quarter of 15%, to 140 tons.
4. Gold www.24K99.com 7 global information website main gold ETF’s monitoring data show that as of April 29, 2009, total 7 global ETFs gold positions to 1,350.588 tons, increase of 0.14 tons compared with the previous trading day.
Factors that influence the gold price trend of bad last week:
1. fed Federal Reserve interest rate policy meeting Wednesday, said after the United States economic contraction may be slowing down. Investors are encouraged to.
2. the World Gold Council said the World Gold Council report, Akshaya Tritya this week before the Festival, India 8% gold sales annual rate of decline, decline was much larger than expected.
3. the SPDR Gold Trust Exchange index fund of the world’s largest gold holdings on Wednesday 4th consecutive trading session was flat.
4. Ministry of industry and information technology announced on Tuesday, January-March this year China National cumulative production 67.2 tonnes, representing a growth of 10.81% yield, growth has accelerated.
5. market worries eased about swine flu epidemic.
Analysis of current technical pattern:
Kxiantu displays the date, spot gold in under the pressure of the 55-day moving average and the downward trend line down, eventually dropped below 21st and 100-day moving average support. And the 21st averages across the 100-day moving average, display the trend of short-term weakness in the gold price. 865 down heavy early measurement of the current gold price lows and increased risk of 854.41 200-day moving average, but is expected to be in the 200-day moving average was more obvious support.
This week’s trend forecast analysis:
Recent critical events
Recently, the factors having the greatest impact on the global market than outbreak in Mexico swine flu outbreak. As countries discovered swine influenza infection, risk aversion in the market for a time tend to strong. Economists fear that if the epidemic rapidly spread widely, world economic recovery may be aborted. Therefore, the swine flu epidemic equally on the development of the gold price trends important for the future. Thus risk aversion was expected to continue to push gold higher.
Famous comment:
Pradeep Unni Richcomm Global Services analyst said: “as stocks continue rise, the Fund will be further away from the market and into the stock market.
ANZ ANZ commodity research head Mark Pervan recommends customers in their investment projects in the golden ratio to 5%, based on China is still a 3,300 tons of gold to buy prospects.
Swiss Banking Group UBS on Tuesday issued a report, if the swine flu epidemic worsens, dollars and other commodity monetary impact will be. The Bank pointed out that the moment development most outbreaks are concentrated in North America, if this future is still the case, the dollar will weaken. If so, the gold will be favoured because of dollar-denominated gold more affordable, while gold’s safe-haven strength will also be reflected.
Important cheap teeth whitening events this week prompted:
On Monday
Germany March real retail sales annual rate;
The eurozone May Sentix investor confidence index;
United States March NAR into estate agency sales index;
Euro Group Finance Ministers ‘ meeting;
United States 19 largest bank stress test results released by the Government;
On Tuesday
Producer price index for the eurozone in March;
United States April ISM non-manufacturing index;
Federal Reserve monetary policy meeting held in Australia/12:30 published interest rate resolution;
On Wednesday
Australia retail sales after adjustment for the March quarter;
Euro zone March retail sales;
United States last week, the EIA crude oil inventory changes;
On Thursday
France March trading account;
Germany March manufacturing orders;
United States early last week, the Golden number of unemployment;
19:00 United Kingdom announced interest rate the Central Bank’s monetary policy Committee resolution;
Friday
United States March consumer credit changes;
United Kingdom April quarter output after adjusting the core producer price index;
United Kingdom April producer output price index for the no quarter adjusted;
United Kingdom April producer input price index adjustment for the no quarter;
United States April non-farm employment change;
United States unemployment rate in April;
United States April manufacturing employment of population change