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Market News The international gold price looks at US$1,830 in the market outlook

The international gold price looks at US$1,830 in the market outlook

On November 8, the international gold price continued its upward trend, setting a new high since September 7 to 1,821.09 US dollars per ounce, and the market outlook is 1,830 US dollars. The Fed is still judging when it will achieve its full employment target, although the stability of the U.S. dollar index has weakened the upside of gold prices.

2021-11-08
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On Monday (November 8), the international gold price continued its upward trend, hitting a new high since September 7 to 1,821.09 US dollars per ounce, and the market outlook is 1,830 US dollars. The Fed is still judging when it will achieve its full employment target, although the stability of the U.S. dollar index has weakened the upside of gold prices.

At GMT+8 13:44, spot gold rose by 0.08% to US$1819.92 per ounce; the main COMEX gold contract rose by 0.23% to US$1820.9 per ounce; the US dollar index rose by 0.07% to 94.283.


Gold prices closed up nearly 1.5% last Friday (November 5), and the US dollar index fell back to a low of 94.634, a record high since September 28, 2020, which was set in intraday trading on Friday. Although the US employment growth in October exceeded expectations, providing more evidence for economic activity to resume momentum at the beginning of the fourth quarter, the Fed is still judging when to achieve its full employment goal.

The chairman of the Kansas City Federal Reserve Bank of the United States, George, said on Friday that there is "no doubt" that the US job market is currently tight. She added that she will carefully observe how salary pressures and inflation expectations evolve, and she will try to measure how close the economy is to the Fed’s goal of achieving full employment.

The US Congress passed a $1 trillion infrastructure bill to repair the country’s airports, roads and bridges. During the COVID-19 pandemic, the ultra-loose fiscal policies introduced by various countries pushed up inflation expectations and raised the charm of gold prices to fight inflation.

The Bank of Japan’s October Monetary Policy Meeting Review Committee’s summary released on Monday showed that central bank policymakers believe that it is necessary to maintain ultra-loose policies because inflation is only rising moderately and wage growth is still weak.

On the hourly chart, the price of gold is in the upward wave iii starting from US$1,759, rising 61.8% to the target of US$1816, and looking at the market outlook, the target of 76.4% is US$1830. Wave iii is a sub-wave of the upward wave (iii) that started at $1721.
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