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Market News The international gold price looks at $1797 in the future

The international gold price looks at $1797 in the future

On November 23, the international gold price rebounded slightly, but hovered near the low of $1802.41 per ounce set in the previous trading day since November 5th. U.S. President Biden nominated Fed Chairman Powell to be re-elected, and the U.S. dollar rose to a new high in more than 16 months. The gold price looks at $1797 in the market outlook.

2021-11-23
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On Tuesday (November 23), international gold prices rebounded slightly, but hovered near the low of $1802.41 per ounce set in the previous trading day since November 5th. U.S. President Biden nominated Fed Chairman Powell to be re-elected, and the U.S. dollar rose to a new high in more than 16 months. The gold price looks at $1797 in the market outlook.

At GMT+8 14:09, spot gold rose 0.15% to 1807.21 US dollars per ounce; the main COMEX gold contract rose 0.05% to 1810.0 US dollars per ounce; the US dollar index rose 0.05% to 96.549.


The US dollar index continued to hit a new high of 96.603 since mid-July 2020, as US President Biden nominated Fed Chairman Powell on Monday (November 22) to continue his second four-year term. Powell’s appointment needs to be confirmed by the Senate, which is currently controlled by Biden’s Democratic Party.

This nomination supports bets that the Fed may raise interest rates sooner to curb rising inflation.

De Gallo, a member of the European Central Bank Management Committee and Governor of the Bank of France, said on Monday that the response to the epidemic and the jump in inflation do not prove that the European Central Bank’s plan to end emergency debt purchases in March will change.

Existing home sales in the United States unexpectedly increased in October, reaching the highest level in nine months, despite the tight supply leading to rising housing prices, which continued to make first-time home buyers sigh.

On the daily chart, the price of gold is in a downward ((y)) wave that started from US$1866 and fell below the 200% target of US$1808. The support below looks to the 238.2% target of US$1797. The ((y)) wave is a sub-wave of the correction iv wave that started at $1877. The iv wave is a sub-wave of the upward (iii) wave that started at $1758. The (iii) wave is a sub-wave of the upward wave ((iii)) that started from $1,720.
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