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Market News The international gold price looks at US$1835 in the market outlook

The international gold price looks at US$1835 in the market outlook

On September 2, international gold prices were under pressure, but the volatility was further reduced. The market waited for the release of US non-agricultural employment data, which was crucial to the Fed's plan to reduce debt purchases. The private sector employment data released yesterday fell short of expectations. Technically, the price of gold is still bullish, and the market outlook is expected to rise above 1835 US dollars.

Eden
2021-09-02
10736

On Thursday (September 2), international gold prices were under pressure, but the volatility was further reduced. The market waited for the release of US non-agricultural employment data, which is crucial to the Fed's plan to reduce debt purchases. The private sector employment data released yesterday fell short of expectations. Technically, the price of gold is still bullish, and the market outlook is expected to rise above 1835 US dollars.

At GMT+8 13:36, spot gold fell 0.05% to US$1812.99 per ounce; the main COMEX gold contract fell 0.06% to US$1814.9 per ounce; the US dollar index was flat at 92.507.


The ADP National Employment Report shows that private employment increased by 374,000 in August, far below the expected increase of 638,000, but higher than the previous increase of 330,000, indicating that the labor market continues to recover steadily.

The US Department of Labor will release the August non-agricultural employment report on Friday (September 3). Fed Chairman Powell said last week that the recovery of the job market will determine the time to reduce the scale of asset purchases. Gold is considered a tool to hedge against inflation and currency devaluation, and large-scale stimulus measures have caused inflation.

A survey released on Wednesday (September 1) showed that due to the new crown epidemic disrupting the supply chain, global factory activities lost momentum in August, raising concerns that the instability of the manufacturing industry will worsen the already troubled economy due to declining consumption. .

European Central Bank President Lagarde said in an interview published on Wednesday that the euro zone economy is recovering from the new crown pandemic and only needs to provide "surgical" support for industries that are still struggling.

On the hourly chart, the price of gold started an upward (iii) wave trend from US$1785, and the upper resistance level looks to the 38.2% target of US$1835 and the 61.8% target of US$1865. The (iii) wave is a sub-wave of the upward wave ((i)) that started from $1680.

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