The international gold price looks at $1,829 in the market outlook

On Friday (August 27), international gold prices strengthened sharply. Although some Fed officials have called for a reduction in debt purchases, the Islamic State (IS) suicide attack caused a large number of casualties, and market sentiment has become cautious. The price of gold looks at $1829 in the market outlook. Investors are waiting for Fed Chairman Powell's speech at the annual meeting of global central banks later that day.

GMT+8 13:43, spot gold rose 0.52% to 1801.83 US dollars per ounce; COMEX gold main contract rose 0.50% to 1804.4 US dollars per ounce; the US dollar index fell 0.08% to 92.989.


The day before Powell’s speech at the Jackson Hole annual meeting, three hawkish officials, including Kansas City Fed President George, St. Louis Fed President Brad, and Dallas Fed President Kaplan, each played down the impact of the Delta variant virus in an interview. Urge the Fed to start reducing its bond purchase plan. They believe that the plan has become ineffective and even harmful.

The Islamic State (IS) launched a suicide bomb attack outside the gate of the crowded Kabul airport on Thursday (August 26), killing a large number of civilians and 13 American soldiers. U.S. officials said that the number of U.S. troops killed may be more, and the U.S. troops stationed in Kabul are preparing for more attacks by the Islamic State (IS) while ending their evacuation mission.

On the hourly chart, the price of gold has started an upward (iii) wave trend from $1780, and the upper resistance is looking at the 23.6% target of $1810 and the 38.2% target of $1829. The (iii) wave is a sub-wave of the upward wave ((i)) that started from $1680.