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Market News International gold prices still look at $1,737

International gold prices still look at $1,737

On September 20, the international gold price fell to a new low since August 12 to US$1,742.38 per ounce, as the US dollar rose to a new high in the past month. The market outlook for the gold price is still down to $1,737. At the same time, investors are waiting for the Federal Reserve's guidance on when it may begin to withdraw from the bond purchase plan.

2021-09-20
8599
On Monday (September 20), the international gold price fell to a new low since August 12 to 1,742.38 US dollars per ounce, as the US dollar rose to a new high in nearly a month. The market outlook for the gold price is still down to $1,737. At the same time, investors are waiting for the Federal Reserve's guidance on when it may begin to withdraw from the bond purchase plan.

At GMT+8 13:31, spot gold fell 0.20% to US$1750.52 per ounce; the main COMEX gold contract fell 0.03% to US$1750.8 per ounce; the US dollar index rose 0.09% to 93.316.


The U.S. dollar index hit a new high of 93.356 since August 23. The market expects that the Fed will open the door to reduce the size of monthly debt purchases at its meeting on September 21-22, and link any actual actions to the employment growth in the United States in September and beyond. .

A report released last Friday (September 17) showed that US consumer confidence stabilized in early September, but consumers still hold a pessimistic view of the outlook despite severe inflation. The data fell to its lowest level in nearly 10 years last month.

US Commodity Futures Trading Commission (CFTC) data show that in the week ending September 14, speculators increased their long positions in COMEX gold by 3,856 hands to 87,395.

On the hourly chart, the price of gold started a downward c wave trend from US$1809 and fell below the 100% target level of US$1757. The market outlook is expected to drop to a 138.2% target level of US$1737. 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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