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Market News The international gold price will look at the $1756-1753 range in the future

The international gold price will look at the $1756-1753 range in the future

On Wednesday (May 18), the international gold price continued to be under pressure, as the dollar rebounded slightly, which was bad for dollar-denominated gold. At the same time, U.S. bond yields were firm, and the Federal Reserve chairman hinted at aggressive interest rate hikes. The price of gold will look at the $1756-1753 range in the market outlook.

2022-05-18
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On Wednesday (May 18), the international gold price continued to be under pressure, as the dollar rebounded slightly, which was bad for dollar-denominated gold. At the same time, U.S. bond yields were firm, and the Federal Reserve chairman hinted at aggressive interest rate hikes. The price of gold will look at the $1756-1753 range in the market outlook.

At GMT+8 14:56, spot gold fell 0.23% to US$1,810.64/oz; the main COMEX gold futures contract fell 0.57% to US$1,808.5/oz; the US dollar index rose 0.22% to 103.51.

Ilya Spivak, a foreign exchange strategist at DailyFX, said that since the end of last week, gold has been consolidating, but the general direction is falling, close to $1,750. "Gold is very concerned about the interest rate and monetary policy outlook especially in the United States, and the dollar has not ended its rise."

The dollar edged higher after three straight sessions of losses, making gold less attractive to investors holding other currencies. Yields on the 10-year U.S. Treasury note rose sharply overnight, raising the cost of holding gold, a non-yielding asset. The Fed is expected to raise rates by 50 basis points each at its June and July meetings, continuing the pace of rate hikes in May.

Federal Reserve Chairman Jerome Powell pledged on Tuesday (May 17) that the central bank will raise interest rates to the highest level needed to curb soaring inflation. He also said that high inflation has threatened the foundations of the economy (sustainable growth).

On the daily chart, the price of gold started a ((c)) wave from $1,998, falling below the 100% target of $1,823, and the bottom support looked at the 138.2% target of $1,756. Wave ((c)) is a downward C wave that starts from $2070, which is a sub-wave of the correction (IV) wave that starts from $2075.

On the hourly chart, the price of gold has started a downward (iii) wave from $1,910, and is expected to fall below the 100% target of $1,783, and further test the 123.6% target of $1,753. Wave (iii) is a subwave of wave ((c)).
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