On Monday (December 28) Asian time, spot gold rose sharply, approaching the 1900 mark again. On the one hand, Trump signed the new crown relief bill into law. On the other hand, the mutant strains have spread to the world and forced more than 40 countries to impose travel bans on the United Kingdom. Japan announced a one-month lockdown, which caused panic in the market. These factors will push up the price of gold to continue to rise. However, investors still need to pay attention to the positive effects of vaccination. In particular, many EU countries have started vaccination on the 26th, which will bring a certain drag on the gold price.
This week investors are mainly concerned about the number of initial jobless claims in the United States and China’s official manufacturing PMI on Thursday. It is expected that the number of initial jobless claims this week will increase slightly, supporting gold prices, and China’s manufacturing PMI will continue to remain above the dry line. On Wednesday, we can pay attention to the monthly rate of wholesale inventory in the United States in November and the PMI in Chicago in December.
The price is currently relatively optimistic, and the market sentiment is obvious. We can consider doing long light storage.
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