The price of gold repeatedly oscillated overnight at the range of $1550-1575. It was once put on the resistance of $1570 but failed to stabilize. The current resistance above the gold price is $1575. Analysts believe that if there is no major news release in Europe before the release of non-agricultural data, it is expected that the price of gold will still fluctuate. Earlier, the deepening of the crisis in the euro zone caused some investors to risk higher assets and turned to gold, but gold for the fourth consecutive month fell in May, the longest decline in 12 years. Gold was on the verge of a bear market.
Statistics released by China's National Bureau of Statistics on Friday (June 1) showed that China's official manufacturing activity shrank sharply in May and approached the watershed. According to specific data, China's official manufacturing Purchasing Managers' Index (PMI) for May was 50.4, with a previous value of 53.3. During the period of European and American economic outlook, there is a new risk of deterioration. Although China is accelerating the introduction of policies to expand investment and domestic demand, it will still take time for effectiveness to be exerted. The demand will be weak or domestic manufacturing activities will be weak.
A series of disappointing U.S. employment and manufacturing data made investors’ nervousness further heating up before the highly publicized U.S. government employment report on June 1st. Analysts and traders said that the weak data on Thursday (May 31st) will increase investors' growth. The current weak US economic growth rate will disappear and the Fed may launch a third round of large-scale government bond purchases to avoid a recession. Bet.
Ireland began a national referendum on the new European financial agreement on May 31. Polls show that the result will be "agreement," which will ease concerns about the country's prospects.
According to the public opinion survey conducted by ALCO on May 31, the support rate of the conservative New Democracy supporting international rescue agreements was 2.3 percentage points higher than that of the SYRIZA who opposed international rescue agreements. Alexis Tsipras, leader of the Greek Radical Left Alliance (SYRIZA), once again called for the cancellation of the existing international tripartite group’s rescue plan for Greece. However, this does not mean that Greece will be forced to withdraw from the euro zone.
UBS Group said on May 31 that if Greece exits the euro area, the gold price market will rise and fall as much as in 2008. The bank said that if Greece breaks out of the euro area, gold will repeat the trend in the second half of 2008 and the price of gold will be significantly adjusted before the rise.
Christine Lagarde, the International Monetary Fund's (IMF), said that he had an effective dialogue with Spanish Deputy Prime Minister Soraya Saenz de Santamaria, but he did not accept funding for Spain. The IMF did not receive any request from Spain nor did it intend to provide financial assistance. The international rating agency Fitch Ratings announced on May 31 that it has downgraded Spain's eight autonomous regions and confirmed an autonomous region rating, but the outlook is negative.
Standard Chartered’s latest report on May 31 stated that gold is approaching the resistance zone of $1,600. If gold prices fail to break through this position, downward pressure will increase. Gold is facing downside risks in the short term, but it will continue to rise in the long term. Gold's recent pressure is at 1,600 U.S. dollars, with support at the 1520 to 1530 U.S. dollar area. Investors are still cautious about bullish gold.
According to the Gold ETFs data monitored by Huijin.com on June 1st, the gold ETF-SPDR Gold Trust’s gold holdings on May 31st were 1,270.26 tons, which was flat compared with May 30; the Ishares’s gold holdings were flat 176.19 tons.
The price of gold on the 1st of June saw a slight downside in Asia, focusing on the non-agricultural data of the United States today. The market expects that the number of non-agricultural employment in the United States will increase from the previous value, while the unemployment rate will remain stable. At 9:40 GMT, the international spot gold reported at 1555.76 US dollars per ounce, down 0.50%.
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