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Anzo Lim

XAU/USD: Gold Surge Dulls China Demand

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Chinese consumers and investors appears to be losing interest in gold this year. Chinas jewelry consumption in 2019 is expected to drop by 4% to around 660 tons and investment demand may plunge over 20% to around 240 tons. Economic slowdown and apprehension over the trade war have dampened consumers confidence, while surging gold price has kept some investors away.

 

The trade war between US and China has led to a depreciation of the Yuan. On the other hand, gold has shown a bullish trend this year. The price soared 16% to 1,557.11 USD/ounce last month, the highest in over 6 years.

 

Data on the customs website shows Chinas imports of gold fell 42% to about 561 tons. The countrys imports will drop sharply this year as many Chinese investors cashed in their purchases made in 2012 and 2013 after prices rallied.

 

Gold daily pivot point: 1482-1488

 

S1: 1472          R1: 1493

 

S2: 1464          R2: 1507

 

Source : WikiFX App

 

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