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Market News International gold prices are expected to rise above US$1,781
International gold prices are expected to rise above US$1,781
On November 4, the international gold price rebounded further away from the low point of $1759.01 per ounce set overnight since October 13. Although the Fed announced the opening of its stimulus plan, it will keep interest rates low for a period of time. The price of gold may rise above US$1,781 in the market outlook.
2021-11-04
11314
On Thursday (November 4), international gold prices rebounded further away from the low point of US$1759.01 per ounce set overnight since October 13th. Although the Fed announced the opening of its stimulus plan, it will keep interest rates low for a period of time. The price of gold may rise above US$1,781 in the market outlook.
GMT+8 13:55, spot gold rose 0.32% to 1,775.47 US dollars per ounce; COMEX gold main contract rose 0.67% to 1,775.8 US dollars per ounce; the dollar index rose 0.19% to 94.041.
The Fed said overnight that it will reduce its monthly bond purchases from November and plans to end its bond purchase program in 2022. But it insists that high inflation will prove to be "temporary" and may not need to raise interest rates quickly. The Fed announced its plan to withdraw from the large-scale stimulus program in an orderly manner, which is good for the stock market to strengthen.
Data on Wednesday showed that the US ISM non-manufacturing PMI index surged to a record high in October, which may be due to the reduction in new crown cases that boosted demand. But companies are still dragged down by the chaos in the supply chain and the resulting high prices.
Now the focus has shifted to the New Deal to be announced by the Bank of England on Thursday. The central bank is expected to either raise borrowing costs from historical lows, or say it is still waiting to ensure that the economy after the blockade is lifted is ready for interest rate hikes.
On the hourly chart, the price of gold is in the upward wave iii starting from US$1,759, and the market outlook is expected to rise to the 23.6% target of US$1,781 and the 38.2% target of US$1,794. Wave iii is a sub-wave of the upward wave (iii) that started at $1721.
GMT+8 13:55, spot gold rose 0.32% to 1,775.47 US dollars per ounce; COMEX gold main contract rose 0.67% to 1,775.8 US dollars per ounce; the dollar index rose 0.19% to 94.041.
The Fed said overnight that it will reduce its monthly bond purchases from November and plans to end its bond purchase program in 2022. But it insists that high inflation will prove to be "temporary" and may not need to raise interest rates quickly. The Fed announced its plan to withdraw from the large-scale stimulus program in an orderly manner, which is good for the stock market to strengthen.
Data on Wednesday showed that the US ISM non-manufacturing PMI index surged to a record high in October, which may be due to the reduction in new crown cases that boosted demand. But companies are still dragged down by the chaos in the supply chain and the resulting high prices.
Now the focus has shifted to the New Deal to be announced by the Bank of England on Thursday. The central bank is expected to either raise borrowing costs from historical lows, or say it is still waiting to ensure that the economy after the blockade is lifted is ready for interest rate hikes.
On the hourly chart, the price of gold is in the upward wave iii starting from US$1,759, and the market outlook is expected to rise to the 23.6% target of US$1,781 and the 38.2% target of US$1,794. Wave iii is a sub-wave of the upward wave (iii) that started at $1721.
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