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BackFocus Stocks》00708L: Gold reverses in V-shape after breaking bottom, rising more than 9%
Focus Stocks》00708L: Gold reverses in V-shape after breaking bottom, rising more than 9%
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自由时报5 minutes agoBusiness2 min readChinaView original

Focus Stocks》00708L: Gold reverses in V-shape after breaking bottom, rising more than 9%

goldmidterm electionsETF

Quick Look

  • After the Democratic Party's victory in the mid-term elections, the market expected a peaceful end to the war in the Middle East.
  • After the gold price broke through the bottom, it reversed in a V-shape and returned to above US$4,000 per ounce, driving the S&P Gold Futures ETF (00708L) and the S&P Gold ETF (00635U) to buck the trend and rise by more than 9% and 4%, becoming targets for positive statements after the U.S. midterm elections.

AI-generated summary

Why It Matters

After the price of gold fell back from a high level this year, it rebounded significantly in July and October when it back-tested the US$4,000 per ounce level, showing that this price has become an important technical support area. The structural buying of global central banks to continue to increase their holdings of gold remains solid.

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Gold made a V-shaped reversal after breaking through the bottom, and the S&P gold futures surged more than 9%.

[Reporter Zhang Huiwen/Taipei Report] The Democratic Party won a resounding victory in the mid-term elections. The market is looking forward to a peaceful end to the war in the Middle East and gold prices to rebound from the bottom and return to above US$4,000 per ounce. Today, Taiwan stocks fell more than a thousand points in early trading, but Yuanta S&P Gold is trading at 2 ETF (00708L) and Futures S&P Gold ETF (00635U) bucked the trend and rose by more than 9% and 4%; as of 11:39, the trading volume of 00708L exceeded 6,000 contracts and that of 00635U exceeded 4,000 contracts.

In the past three trading days, the price of gold has risen rapidly from the bottom, reaching an increase of 4.8%. During the opening of Asian stocks today, gold futures exceeded US$4,100 per ounce. Gold's rebound drove 00708L and 00635U to surge by more than 9% and 4.48% respectively after the opening of trading today, becoming targets for positive statements after the US midterm elections.

According to legal analysis, after the price of gold fell from a high level this year, it rebounded significantly in July and October when it back-tested the US$4,000 per ounce level, showing that this price level has become an important technical support area. With the US election settled, the victory of the Democratic Party will help end the war and slow down the pressure of inflation, which will be beneficial to the performance of gold prices. At the same time, the structural buying of global central banks to continue to increase their holdings of gold remains stable, and the long-term bullish pattern has not changed.

What to Watch

AI outlook — possibilities, not facts

  • The long-term bullish pattern of gold prices remains unchanged and is expected to continue to benefit from the structural buying of global central banks to increase their holdings of gold.

    Likely · Within months

Open Questions

  • Can gold prices continue to stabilize above $4,000 an ounce?
  • Will the war in the Middle East really end after the Democratic Party wins the election?
  • The specific scale and timetable for global central banks to increase their gold holdings

Related Topics

gold
PeopleZhang Huiwen
OrganizationsDemocratic PartyFutures S&P Gold Positive 2 ETFFutures S&P Gold ETF
PlacesTaipeimiddle eastUnited States
Topicsmidterm electionsETF00708L00635Umiddle east warInflation
This article was originally published by 自由时报.

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