This Thursday, the spot gold price adjusted slightly in the intraday market. As of 11:32, the gold price fluctuated slightly in the range of US$1755-1760 per ounce. How is the price of gold going during the day?
The monthly rate of U.S. durable goods orders announced on Wednesday recorded 0%, 0.6% lower than the market, and the previous value was 2.00%
U.S. factory orders for core production materials rose more than expected in July, suggesting continued demand for equipment despite rising interest rates and concerns over a weakening economy. Orders for defense aircraft and parts fell by nearly 50%, weighing on the overall measure of durable goods. Businesses are still investing in longer-term technology and equipment, possibly partly because of persistent labor shortages, the data showed. However, durable goods orders are likely to weaken in the coming months due to rising borrowing costs and heightened uncertainty over the U.S. economic outlook.
The US July existing home sales index released on Wednesday recorded a monthly rate of -1%, higher than market expectations of -4%, and the previous value of -8.6%
Year-over-year home price growth is still rising at a double-digit percentage, but year-over-year price growth should slow to a typical 5% by the end of this year and into 2023, said NAR, chief economist at the National Association of Realtors. Home sales are set to start rising early next year as mortgage rates are expected to stabilize near 6 percent and job creation steadily increases. For the current housing market cycle, contract signings may be nearing the bottom. The very modest decline this month reflects the recent pullback in mortgage rates. Inventory of homes in the upper price bracket is increasing, but limited supply in the lower price bracket is hindering transaction activity.
The spot gold price maintained a volatile trend on Wednesday. During the Asian trading session on Wednesday, the gold price fluctuated and fell to the lowest level of 1743. The short-term gold price gradually stabilized in the 1743-1748 finishing range. In the afternoon session, with the opening of the European session, the gold price expanded and the short-term rebound range reached the highest level of 1753 and then fluctuated lower. Before and after the opening of the US session, the gold price dropped to the lowest level of 1742 and then fluctuated higher. During the US session, the gold price continued to fluctuate upwards, and the highest was after the first line of 1755. The shock stepped back to the 1747 line, and the gold price closed at the 1752 line in the early morning of Thursday, and the daily line recorded a slight positive line.
The short-term spot gold trades at 1755. The watershed between long and short is in the 1749 area. Going short is directly at 1757. Since the big cycle is a downward trend, yesterday was only a temporary adjustment to the position of Boduo. It is destined to not go far in the short term! As long as it falls and closes at 1749 today, we can see that gold has stepped out of the accelerated bottoming market.
According to the gold market center of Jintou.com, at 11:32 Beijing time, the spot price of gold today was temporarily reported at $1755.03 per ounce.
Warm reminder: near the Jackson Hole Global Central Bank Annual Meeting, gold bulls and bears dare not act rashly. For specific operations, please pay attention to the Jintou.com APP. The market is changing rapidly, investment needs to be cautious, and the operation strategy is for reference only.