Market News International gold prices continue to look at $1,737
International gold prices continue to look at $1,737
On September 21, international gold prices remained basically stable, as investors took a cautious stance before the Fed’s policy meeting. But the market generally expects that the Fed will provide new clues as to when it will begin to reduce asset purchases. The price of gold continues to look at $1,737.
2021-09-21
8688
On Tuesday (September 21), international gold prices were basically stable as investors took a cautious stance before the Fed’s policy meeting. But the market generally expects that the Fed will provide new clues as to when it will begin to reduce asset purchases. The price of gold continues to look at $1,737.
GMT+8 14:21, spot gold fell 0.06% to US$1763.02 per ounce; the main COMEX gold contract fell slightly by 0.01% to US$1763.7 per ounce; the US dollar index fell 0.09% to 93.160.
The Fed may provide an outlook on the timing and frequency of interest rate hikes that they believe the economy needs to raise in the next three years after the end of its policy meeting on Wednesday. Gold is seen as a hedge against inflationary inflation and currency devaluation caused by extensive stimulus measures. Fed policy will weaken the attractiveness of gold, and interest rate hikes will also increase the opportunity cost of holding non-interest-bearing assets.
IG Market analyst Kyle Rodda said: "In the long run, gold prices are biased downwards because we will continue to see the Fed want to promote the normalization of monetary policy, which is usually not good news for gold."
On the hourly chart, the price of gold started a downward c wave trend from US$1809 and fell below the 100% target of US$1757. The market outlook is expected to drop to the target of US$1737 by 138.2%. Wave c is a sub-wave of the downward (ii) wave that started at $1834. (ii) The wave is a sub-wave that started the upward ((i)) wave from $1680.
GMT+8 14:21, spot gold fell 0.06% to US$1763.02 per ounce; the main COMEX gold contract fell slightly by 0.01% to US$1763.7 per ounce; the US dollar index fell 0.09% to 93.160.
The Fed may provide an outlook on the timing and frequency of interest rate hikes that they believe the economy needs to raise in the next three years after the end of its policy meeting on Wednesday. Gold is seen as a hedge against inflationary inflation and currency devaluation caused by extensive stimulus measures. Fed policy will weaken the attractiveness of gold, and interest rate hikes will also increase the opportunity cost of holding non-interest-bearing assets.
IG Market analyst Kyle Rodda said: "In the long run, gold prices are biased downwards because we will continue to see the Fed want to promote the normalization of monetary policy, which is usually not good news for gold."
On the hourly chart, the price of gold started a downward c wave trend from US$1809 and fell below the 100% target of US$1757. The market outlook is expected to drop to the target of US$1737 by 138.2%. Wave c is a sub-wave of the downward (ii) wave that started at $1834. (ii) The wave is a sub-wave that started the upward ((i)) wave from $1680.
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