Gold establishes support at the price zone of 1900 USD ?

The world spot gold price stood around the threshold of US$1,906/ounce, up US$3.1/ounce compared to last night. Gold futures for December delivery on Comex New York were at $1,938.1 per ounce.

Last week, the US released the consumer price index (CPI) and the July jobs report both fell. At that time, the gold market forecast that the US Federal Reserve (Fed) would continue to maintain the current high interest rates until the end of the first quarter of 2024.

Investors should be cautious and wait for more certain economic information to decide to invest or divest from gold.

Key support in December gold futures is between $1940 and $1950/oz, with gold set to rally unless there is a breakout to $1955.3/oz.

ความคิดเห็น:

Due to the appreciation of the USD, the US bond interest rate also jumped to 4.19%/year. This prompted many greenback collectors to buy bonds, making the dollar appreciate even more. Gold price today bears more downward pressure.

ความคิดเห็น:

USD still maintains the continuation of the uptrend after confirming the break of the accumulation area of the flag pattern
In view of the market, we are still expecting the upward trend in bond yields to continue to support the USD's rally. This shows that the USD trend is still supported

ความคิดเห็น:

Technical analysis shows a short-term bearish bias for both metals, opening the door for bears (who expect prices to fall), also giving chart speculators more reason due to monitor the short-term market of these two metals.

ความคิดเห็น:

In recent days, the value of the dollar in international markets has surged as a result of mounting pressure on exchange rates in Asia. This surge coincides with ongoing efforts by the US Federal Reserve (Fed) to tighten its monetary policy. There are expectations that interest rates may be raised once again during their September meeting - this would mark their 12th rate hike.