International gold yesterday fluctuated violently, Gold climbed to about 1240 then stabilized at 1232 during EU trading time. Price tried to climbed up to 1240 and stabilized at about 1235 at the end of U.S. trading time, in today’s Asian trading time, gold made a shock wave again, currently closed at about 1237.
U.S. August PPI is flat, annual rate also meet the expectation, mixed data can only has limited effect on USDX, short term USDX correction gives gold breathing space. Currently gold daily chart price’s rebound depends on the support received from 1230, while the U.S. data and Fed policy statement will make a great impact on gold price. Downside support will also be tested.