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Market News The international gold price is still down at $1,929
The international gold price is still down at $1,929
On Friday (April 22), the international gold price was basically stable, but it is expected to close down again after two weeks, as the US dollar index continues to remain strong, and Fed officials take a tough stance on tightening monetary policy, not ruling out May. 50 basis points of rate hike. Gold prices are still down at $1,929.
2022-04-22
10037
On Friday (April 22), the international gold price was basically stable, but it is expected to close down again after two weeks, as the US dollar index continued to remain strong and Fed officials took a tough stance on tightening monetary policy. Gold prices are still down at $1,929.
At 14:51 GMT+8, spot gold rose 0.06% to US$1952.09/oz; the main COMEX gold futures contract rose 0.31% to US$1954.2/oz; the US dollar index rose 0.04% to 100.671.
Gold prices have fallen more than 1% this week. Gold prices rose near the key $2,000 an ounce mark on Monday as safe-haven demand and inflation concerns intensified, but have since retreated sharply.
Michael McCarthy, chief strategy officer of Australia's Tiger Brokers, said: "The global interest rate hike cycle is expected to significantly affect the price of gold, but gold prices will not have a clear directional trend until the $1930-2000 range is convincingly broken."
Federal Reserve Chairman Jerome Powell said on Thursday (April 21) that raising interest rates by 0.5 percentage points was a strategy "on the table" at the Fed's May policy meeting. This suggests that the Fed will take a series of aggressive actions.
A stronger U.S. dollar could weigh on gold, McCarthy noted, while geopolitical uncertainty, on the other hand, remains underpinned by gold prices, which are caught between these two conflicting forces.
From the daily chart, the price of gold may start a downward (c) wave trend from $1,998, with the lower support looking at the 38.2% target of $1,929. Wave (c) is a subwave of the downward ((ii)) wave that started at $2070. Wave ((ii)) is a sub-wave of the up 5 wave that started at $1779.
At 14:51 GMT+8, spot gold rose 0.06% to US$1952.09/oz; the main COMEX gold futures contract rose 0.31% to US$1954.2/oz; the US dollar index rose 0.04% to 100.671.
Gold prices have fallen more than 1% this week. Gold prices rose near the key $2,000 an ounce mark on Monday as safe-haven demand and inflation concerns intensified, but have since retreated sharply.
Michael McCarthy, chief strategy officer of Australia's Tiger Brokers, said: "The global interest rate hike cycle is expected to significantly affect the price of gold, but gold prices will not have a clear directional trend until the $1930-2000 range is convincingly broken."
Federal Reserve Chairman Jerome Powell said on Thursday (April 21) that raising interest rates by 0.5 percentage points was a strategy "on the table" at the Fed's May policy meeting. This suggests that the Fed will take a series of aggressive actions.
A stronger U.S. dollar could weigh on gold, McCarthy noted, while geopolitical uncertainty, on the other hand, remains underpinned by gold prices, which are caught between these two conflicting forces.
From the daily chart, the price of gold may start a downward (c) wave trend from $1,998, with the lower support looking at the 38.2% target of $1,929. Wave (c) is a subwave of the downward ((ii)) wave that started at $2070. Wave ((ii)) is a sub-wave of the up 5 wave that started at $1779.
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