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Market News The international gold price sees $1,910 in the short-term
The international gold price sees $1,910 in the short-term
On Wednesday (April 6), international gold prices continued to be under pressure, as hawkish remarks by Federal Reserve officials pushed the dollar to multi-year highs, undermining the appeal of safe-haven gold. The price of gold is at $1,910 in the short-term. The Fed will release the minutes of its March meeting later in the day, which may provide details on the balance sheet reduction.
2022-04-06
9637
On Wednesday (April 6), international gold prices continued to be under pressure, as hawkish remarks by Federal Reserve officials pushed the dollar to multi-year highs, undermining the appeal of safe-haven gold. The price of gold is at $1,910 in the short-term. The Fed will release the minutes of its March meeting later in the day, which may provide details on the balance sheet reduction.
At GMT+8 15:23, spot gold fell 0.26% to US$1,918.58 per ounce; the main COMEX gold futures contract fell 0.31% to US$1,921.5 per ounce; the US dollar index rose 0.12% to 99.609.
The dollar pointed to a fresh high of 99.761 since May 26, 2020, as Fed officials pushed to shrink the balance sheet as soon as possible, with one official saying they were open to raising rates by 50 basis points. A stronger dollar makes gold less attractive to holders of other currencies.
Federal Reserve Governor Lael Brainard said on Tuesday she expected methodical rate hikes and a rapid shrinking of the Fed's balance sheet to shift monetary policy to a "more neutral stance" later this year, adding that further tariffs would be taken as needed. tight policy.
The United States and its allies will impose new sanctions on Russian banks and officials on Wednesday and bar new investments in Russia, the White House said. The proposed EU sanctions would ban the import of Russian coal and ban Russian ships from entering EU ports. The sanctions plan must be approved by the EU's 27 member states.
From the daily chart, the price of gold may start an upward ((iii)) wave trend from $1,889, with the upper resistance looking at the 23.6% target at $1,958. Wave ((iii)) is a sub-wave of the up 5 wave that starts at $1779.
On the hourly chart, the price of gold started a correction ((c)) wave from $1,944, and the bottom support looked at the 100% target of $1,910. Wave ((c)) is a sub-wave of wave ii that starts down from $1950. Wave ii is a sub-wave of the upward (i) wave that started at $1889, and the (i) wave is part of the ((iii)) wave.
At GMT+8 15:23, spot gold fell 0.26% to US$1,918.58 per ounce; the main COMEX gold futures contract fell 0.31% to US$1,921.5 per ounce; the US dollar index rose 0.12% to 99.609.
The dollar pointed to a fresh high of 99.761 since May 26, 2020, as Fed officials pushed to shrink the balance sheet as soon as possible, with one official saying they were open to raising rates by 50 basis points. A stronger dollar makes gold less attractive to holders of other currencies.
Federal Reserve Governor Lael Brainard said on Tuesday she expected methodical rate hikes and a rapid shrinking of the Fed's balance sheet to shift monetary policy to a "more neutral stance" later this year, adding that further tariffs would be taken as needed. tight policy.
The United States and its allies will impose new sanctions on Russian banks and officials on Wednesday and bar new investments in Russia, the White House said. The proposed EU sanctions would ban the import of Russian coal and ban Russian ships from entering EU ports. The sanctions plan must be approved by the EU's 27 member states.
From the daily chart, the price of gold may start an upward ((iii)) wave trend from $1,889, with the upper resistance looking at the 23.6% target at $1,958. Wave ((iii)) is a sub-wave of the up 5 wave that starts at $1779.
On the hourly chart, the price of gold started a correction ((c)) wave from $1,944, and the bottom support looked at the 100% target of $1,910. Wave ((c)) is a sub-wave of wave ii that starts down from $1950. Wave ii is a sub-wave of the upward (i) wave that started at $1889, and the (i) wave is part of the ((iii)) wave.
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