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Market News International gold prices are expected to rise above 1838 U.S. dollars
International gold prices are expected to rise above 1838 U.S. dollars
On November 10, the international gold price fell from its highest level of US$1832.81 since September 3, which was set overnight, and was subject to the rebound of the US dollar. But macro data shows that high inflation in the United States will continue for some time. ECB officials said that upside risks to inflation dominate. Gold prices are still bullish, and the market outlook is expected to rise above 1838 US dollars.
2021-11-10
11239
On Wednesday (November 10), the international gold price fell from its highest level of US$1832.81 on September 3, which was set overnight, and was subject to a rebound in the US dollar. However, macro data shows that high inflation will continue for a period of time, and the price of gold is still bullish, and the market outlook is expected to rise above $1,838.
At GMT+8 13:47, spot gold fell 0.38% to US$1824.83 per ounce; the main COMEX gold contract fell 0.23% to US$1826.5 per ounce; the US dollar index rose 0.10% to 94.061.
The Fed’s most dovish policymakers said on Tuesday (November 9) that they expect that by next summer, the Fed will complete the finalization of asset purchases and will have a clearer understanding of the economic outlook after the epidemic. Fed Chairman Powell said that the Fed will consider various indicators when measuring how close the economy is to full employment.
US producer prices rose strongly in October, helped by the sharp rise in retail prices of gasoline and motor vehicles. This shows that high inflation may continue for a period of time when the epidemic has caused a strain on the global supply chain.
The governor of the Dutch Central Bank and European Central Bank Knott said on Tuesday that the euro zone inflation rate may fall below 2% later next year, but the European Central Bank should prepare for a less favorable situation and avoid making long-term policies. Commitment, because upside risks to inflation dominate.
On the hourly chart, the price of gold is in the upward wave iii starting from US$1,759, breaking through the 76.4% target of US$1830. Looking at the market outlook, the target of 85.4% is US$1838 and the target of 100% is US$1852. Wave iii is a sub-wave of the upward wave (iii) that started at $1721.
At GMT+8 13:47, spot gold fell 0.38% to US$1824.83 per ounce; the main COMEX gold contract fell 0.23% to US$1826.5 per ounce; the US dollar index rose 0.10% to 94.061.
The Fed’s most dovish policymakers said on Tuesday (November 9) that they expect that by next summer, the Fed will complete the finalization of asset purchases and will have a clearer understanding of the economic outlook after the epidemic. Fed Chairman Powell said that the Fed will consider various indicators when measuring how close the economy is to full employment.
US producer prices rose strongly in October, helped by the sharp rise in retail prices of gasoline and motor vehicles. This shows that high inflation may continue for a period of time when the epidemic has caused a strain on the global supply chain.
The governor of the Dutch Central Bank and European Central Bank Knott said on Tuesday that the euro zone inflation rate may fall below 2% later next year, but the European Central Bank should prepare for a less favorable situation and avoid making long-term policies. Commitment, because upside risks to inflation dominate.
On the hourly chart, the price of gold is in the upward wave iii starting from US$1,759, breaking through the 76.4% target of US$1830. Looking at the market outlook, the target of 85.4% is US$1838 and the target of 100% is US$1852. Wave iii is a sub-wave of the upward wave (iii) that started at $1721.
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