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Market News International gold prices still look at US$1,727
International gold prices still look at US$1,727
On October 7, international gold prices continued to be under pressure, and the market outlook is still looking at $1,727. However, the weak upside of the U.S. index limited the decline in gold prices. Investors turned to wait and see before the US non-farm payrolls report was released, and it is expected that the report will provide clues to the Fed's reduction schedule.
2021-10-07
10934
On Thursday (October 7), international gold prices continue to be under pressure, and the market outlook is still looking at $1,727. However, the weak upside of the U.S. index limited the decline in gold prices. Investors turned to wait and see before the US non-farm payrolls report was released, and it is expected that the report will provide clues to the Fed's reduction schedule.
At 14:20 GMT+8, spot gold fell 0.11% to US$1760.81 per ounce; the main COMEX gold contract fell 0.03% to US$1761.2 per ounce; the US dollar index fell 0.01% to 94.218.
Investors turned to the US non-agricultural employment data to be released on Friday (October 8), which is expected to show an improvement in the labor market, which is an important criterion for the Fed to begin to reduce support measures during the epidemic. Data released overnight showed that private employment in the United States increased strongly in September.
Bob Haberkorn, senior market strategist at RJO Futures, said: “Gold’s hedging appeal is not as attractive as other safe assets, and its performance largely depends on US non-agricultural employment data. Prior to this, the price of gold may be trending sideways.”
Fu Xiao, director of the Commodity Strategy Department of BOC International, said that even though the non-agricultural employment data is “not beautiful, but just in line with expectations,” some Fed members have believed that the conditions for reducing debt purchases have been met, which has put pressure on gold.
On the daily chart, the price of gold has started a three-wave downward trend from US$1770. The support below looks to the 23.6% target of US$1744 and the 38.2% target of US$1727. Wave 3 is a sub-wave of the downward (3) wave that started at $1834. (3) Wave is a sub-wave of the downward ((Y)) wave that started from 1917 USD. The ((Y)) wave belongs to the adjusted IV wave that started at $2,075.
At 14:20 GMT+8, spot gold fell 0.11% to US$1760.81 per ounce; the main COMEX gold contract fell 0.03% to US$1761.2 per ounce; the US dollar index fell 0.01% to 94.218.
Investors turned to the US non-agricultural employment data to be released on Friday (October 8), which is expected to show an improvement in the labor market, which is an important criterion for the Fed to begin to reduce support measures during the epidemic. Data released overnight showed that private employment in the United States increased strongly in September.
Bob Haberkorn, senior market strategist at RJO Futures, said: “Gold’s hedging appeal is not as attractive as other safe assets, and its performance largely depends on US non-agricultural employment data. Prior to this, the price of gold may be trending sideways.”
Fu Xiao, director of the Commodity Strategy Department of BOC International, said that even though the non-agricultural employment data is “not beautiful, but just in line with expectations,” some Fed members have believed that the conditions for reducing debt purchases have been met, which has put pressure on gold.
On the daily chart, the price of gold has started a three-wave downward trend from US$1770. The support below looks to the 23.6% target of US$1744 and the 38.2% target of US$1727. Wave 3 is a sub-wave of the downward (3) wave that started at $1834. (3) Wave is a sub-wave of the downward ((Y)) wave that started from 1917 USD. The ((Y)) wave belongs to the adjusted IV wave that started at $2,075.
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