We recently noticed that some third-party companies and individuals impersonated the TOPONE Markets brand and illegally misappropriated our trademarks.

We Hereby Reiterate Our Statement:

  • TOPONE Markets does not provide discretionary account operation trading services, nor does it cooperate with other third-party vendors and/ or agents to provide such services.
  • TOPONE Markets staff will not promise to our customer the definite profit, please do not trust any kind of the profit promise or profit related picture, such as screenshot/ chat history, etc, all investment profit can be only viewed on our official website and application.
  • TOPONE Markets is a professional online trading platform with low spreads and zero handling fees. Be wary of any behavior that asks you for any fees directly and privately. TOPONE Markets does not charge a fee at any stage of its trading process or other fee.

If you have any questions or concerns, please feel free to reach us by clicking the "Online Customer Support" or send an email to our customer care team cs@top1markets.com. We will answer your questions and assist you promptly.

Understood
We use cookies to learn more about how you use our website and what we can improve. Continue to use our website by clicking "Accept". Details
Market News Gold Market Analysis: U.S. Treasury Yields Rise, Gold Sluggish

Gold Market Analysis: U.S. Treasury Yields Rise, Gold Sluggish

On the gold daily structure, gold has undergone a three-wave fall adjustment at the wave level. The current market is in the third wave of downtrend. Although it has fallen to a new low of 1737, it is still a certain distance from the expected target area of 1730-20.

2021-09-28
9120
On Monday (September 27), spot gold closed at US$1,749.88 per ounce, down US$0.35 or 0.02%, reaching a minimum of US$1,744.74 per ounce, down by US$16 from the daily high of US$1,670.78 per ounce.



The U.S. dollar rose 0.1% against other currencies, and the benchmark 10-year U.S. Treasury bond yield rose to its highest level in three months, continuing to inhibit gold’s rebound performance. The current market focus will be on the speeches of Fed officials this week, including Fed Chairman Powell. Powell will testify before Congress on the Fed's policy measures to respond to the epidemic. The testimony released in advance on Monday showed that Powell will warn Washington lawmakers in his upcoming speech on Tuesday that the cause of the recent increase in inflation may last longer than expected. Powell will speak at the Senate Banking Committee. He said that economic growth "continues to strengthen" but faces supply chain bottlenecks and pressure from price increases caused by other factors. Powell said: "Inflation is rising, and it may continue in the next few months, and then it will ease." Every time a Federal Reserve official speaks, we hope to get more information. The current expectation is that the Fed will announce some reduction measures at its next meeting. Gold is generally regarded as a tool to hedge against rising inflation, but the Fed's interest rate hike will increase the opportunity cost of holding gold. Investors are also paying close attention to developments in the debt-laden China Evergrande. Last week, the Chinese real estate giant missed the deadline for debt repayment. Gold may get some relief due to this event in the short term, but the overall outlook is not optimistic.

On the gold daily structure, gold has undergone a three-wave fall adjustment at the wave level. The current market is in the third wave of downtrend. Although it has fallen to a new low of 1737, it is still a certain distance from the expected target area of 1730-20. And because the market has fallen to a new low and is at the end of the swing level, there is a certain risk of uncertainty in the short-term market, that is, the current market has technically oversold rebound demand, and this rebound demand is likely to restrict the market. The main momentum for further decline in the pace of adjustment. Gold needs to be treated with more caution this week. The complexity of the market sentiment at the end of the trend will make the market trend appear abnormal. At the beginning of the week, pay attention to the stress test of the 5th line 1760. If the market unexpectedly stands on the 5th line, the market may be possible. There is a risk of a short-term turnaround, but such an increase cannot change the weak state of the daily average crossover and the overall bearish state, and there will be pressure on the 10-day line above. As for the rebound of the market, it is necessary for an oversold rebound, or it will The rebound pressure measurement process that evolves into a mid-to-long-term level depends on the high point of rebound this week. In the week, the lower part will still pay attention to the support test near 1740. This position is not guaranteed, and the lower part will threaten the support of 1700.

Bank of China Guangdong Branch Wang Gang

Original title: 20210928-U.S. Treasury Yields Rise, Gold Sluggish

Source: Bank of China official website
Previous
Next

Bonus rebate to help investors grow in the trading world!

Need Assistance?

7×24 H

Download the APP for Free