Abstract:On Monday (June 1st), the international gold price rose, and riots in major cities in the United States made investors who were originally uneasy because of the deepening of the confrontation in international relations worry more and upgrade gold.
On Monday (June 1), the international gold price rose and riots in major cities in the United States made investors who were originally uneasy due to the deepening of the confrontation in international relations more worried about the increase in the safe-haven demand of gold.
At 16:24 Beijing time, spot gold rose 0.61% to $1740.76 per ounce; the dollar index fell 0.24% to 98.053.
The price of gold hit a new one-and-a-half week high of $1744.69 per ounce, and the dollar index refreshed its lowest level since March 16 to 97.849. In times of political and financial uncertainty, gold is usually considered a safe-haven asset.
Michael McCarthy, chief strategy analyst at CMC Markets, pointed out: "Current concerns about the turbulent situation in the United States seem to have affected market confidence." He also said that the escalation of international relations tensions further supports the price of gold.
Afro-American Freud was kneeled down and killed by a white Minneapolis police officer. The resulting incident was initially a peaceful demonstration, but then turned into a wave of anger that swept the country.
At the same time, the curfew did not stop the confrontation between militants and law enforcement agencies. Crowded people and demonstrators without masks have raised concerns that the new crown epidemic may break out again. The epidemic has caused nearly 106,000 deaths in the United States.
US President Trump said on Saturday (May 30) that he would postpone the G7 summit that he had hoped to hold next month until September or later.
The world's largest gold-listed trading fund (ETF)-SPDR Gold Trust's gold holdings as of last Friday (May 29) increased by 0.3% to 1123.14 tons, a seven-year high, also reflecting investor sentiment.
Spot silver surged nearly 2.9%, hitting a new high of 18.38 USD/oz since February 25. The US Commodity Futures Trading Commission (CFTC) said on Friday that as of the week of May 26, speculators increased their long positions in futures silver.
Spot gold may rise to the range of 1758-1768 US dollars
Spot gold has started the upward iii wave trend since 1711 USD, and it has hit the 100% target level of 1745 USD, and the next resistance level is 1758 USD. The iii wave is a sub-wave of the upward (iii) wave that started at $1694.
The price of gold has also risen above (iii) the 61.8% target at $1739, and the upper resistance level looks at the 100% target at $1768. (iii) The wave is a sub-wave of the upward ((v)) wave starting from $1,691, and the ((v)) wave belongs to the upward five waves starting from $1455.