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Market News International gold prices are still looking at US$1,860

International gold prices are still looking at US$1,860

On August 31, the international gold price strengthened again, as the US dollar index fell to a new low of 92.526 since August 16. The market outlook for the gold price is still up to US$1,860. Investors are looking forward to US non-agricultural employment data, and the report may be the key to the Fed’s decision to cut debt purchases. The market is expected to add 750,000 jobs, the unemployment rate will fall from 5.4% to 5.2%, and the average hourly wage rate is expected to remain unchanged at 4%.

2021-08-31
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On Tuesday (August 31), international gold prices regained strength, as the US dollar index fell to a new low of 92.526 since August 16. The market outlook for the gold price is still up to US$1,860. Investors are looking forward to US non-agricultural employment data, and the report may be the key to the Fed’s decision to cut debt purchases.

At GMT+8 13:35, spot gold rose 0.37% to US$1816.99 per ounce; the main COMEX gold contract rose 0.40% to US$1819.4 per ounce; the US dollar index fell 0.20% to 92.509.


Since Fed Chairman Powell last week did not provide any other signals on the timing of reducing the size of asset purchases, apart from revealing that it might be "this year", the U.S. dollar index then expanded on August 20 (it hit a new high of 93.734 since the beginning of November last year). .

Loretta Mester, Chairman of the Cleveland Federal Reserve Bank of the United States, said on Monday (August 30) that the US economy is recovering strongly, but she still does not believe that the recent inflation readings are sufficient to achieve the price stability target adjusted by the Fed a year ago.

The US August non-agricultural employment report will be released this Friday (September 3). The market is expected to add 750,000 jobs, the unemployment rate will fall from 5.4% to 5.2%, and the average hourly wage rate is expected to remain unchanged at 4%.

The National Bureau of Statistics of China and the Federation of Logistics and Purchasing (CFLP) jointly announced on Tuesday that the leading macroeconomic indicator-the official manufacturing purchasing managers index (PMI) in August fell to 50.1, slightly lower than the survey’s median estimate of 50.2, indicating The manufacturing expansion has weakened.

On the hourly chart, the price of gold has started an upward (iii) wave trend from $1780, and the upper resistance level looks at the 38.2% target of $1829 and the 61.8% target of $1860. The (iii) wave is a sub-wave of the upward wave ((i)) that started from $1680.
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