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Market News The international gold price is still at $1989

The international gold price is still at $1989

On Thursday (April 14), the international gold price fell, there was resistance near $1,980, and there was technically a demand for correction. However, the Ukrainian war pushed up inflation, and the dollar index continued to fall, limiting the decline in gold prices. At present, the annual rate of inflation in the United States has reached as high as 8.5%, a record high in more than 40 years.

2022-04-14
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On Thursday (April 14), the international gold price fell, there was resistance near $1,980, and there was technically a demand for correction. However, the Ukrainian war pushed up inflation, and the dollar index continued to fall, limiting the decline in gold prices.

At GMT+8 15:01, spot gold fell 0.19% to US$1,974.08 per ounce; the main COMEX gold futures contract fell 0.37% to US$1,977.4 per ounce; the US dollar index fell 0.26% to 99.601.

Gold prices hit a new high since March 14 to $1981.49 per ounce overnight, up more than 2.8% in the past six trading days; the U.S. dollar index hit a new high of 100.52 since mid-May 2020 overnight, but fell nearly 0.5% in the final session.

Stephen Innes, managing partner at SPI Asset Management, said: “The political risk premium due to the escalation of the Ukraine war has risen again, which has pushed up commodity prices and has indeed created an inflationary environment. On the other hand, the hawkish Fed stance has curbed safe-haven buying in the gold market. plate."

Fed Governor Brainard said earlier this week that the central bank would raise interest rates and reduce bond holdings as early as June to help reduce high inflation. At present, the annual rate of inflation in the United States has reached as high as 8.5%, a record high in more than 40 years.

Meanwhile, U.S. President Joe Biden announced on Wednesday (April 13) that he would provide Ukraine with an additional $800 million in military aid. Earlier, Russia was expected to launch a wider attack in eastern Ukraine.

From the daily chart, the price of gold may start an upward ((iii)) wave trend from $1,889, with the upper resistance looking at the 38.2% target at $2,001. Wave ((iii)) is a sub-wave of the up 5 wave that starts at $1779.

On the hourly chart, the price of gold has started an upward iii-wave trend from $1,915, and the market outlook will challenge the 123.6% target of $1,989. Wave iii is a sub-wave of wave (i) that also started up from $1915, and wave (i) belongs to wave ((iii)).
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