International gold prices expected to fall to US$1767

On Wednesday (November 3), international gold prices fell, and the market outlook is expected to fall to $1767. Investors await the results of the Fed’s policy meeting to assess how it plans to respond to rising inflation and ease concerns about economic recovery.

At 14:03 GMT+8, spot gold fell 0.33% to US$1,781.95 per ounce; the main COMEX gold contract fell 0.40% to US$1782.3 per ounce; the U.S. dollar index fell 0.04% to 94.061.


The Fed is expected to announce a timetable for reducing its stimulus measures, and may begin to reduce asset purchases by $15 billion per month until the end of mid-2022. Cuts in stimulus measures and hikes in interest rates tend to push up government bond yields, thereby increasing the opportunity cost of holding gold as a non-interest-bearing asset.

The data shows that the end of the UK vacation program has not led to a surge in new job seekers, which indicates that the unemployment rate is unlikely to rise sharply, and may provide a basis for the Bank of England to raise interest rates.

Japanese policymakers on Tuesday (November 2) reiterated the central bank's commitment to its 2% inflation target at a meeting between the governor of the central bank and the minister of economy and finance.

Caixin/Markit jointly announced on Wednesday that the seasonally adjusted China Service Industry Purchasing Managers’ Index (PMI) rose to 53.8 in October, up from 53.4 in September. It was the second consecutive month above the line of prosperity and decline, and hit a record three times. Month high. This is mainly due to the improvement of the epidemic situation and the increase of new business.

On the hourly chart, the price of gold is in a downward ((y)) wave that started from US$1810, and the market outlook is expected to fall to the 138.2% target of US$1767. The ((y)) wave is a sub-wave of the adjustment wave ii that started at $1814. The ii wave is a sub-wave of the upward wave (iii) that started from 1721 USD.