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Market News The international gold price will see $1881 in the market after the market
The international gold price will see $1881 in the market after the market
On Monday (May 30), the international gold price strengthened, as the US dollar index continued to hit a new low of 101.384 since late April, making gold more attractive to buyers holding other currencies. U.S. markets were closed for Memorial Day, and investors were careful to avoid liquidity risks.
2022-05-30
8238
On Monday (May 30), the international gold price strengthened, as the US dollar index continued to hit a new low of 101.384 since late April, making gold more attractive to buyers holding other currencies. U.S. markets were closed for Memorial Day, and investors were careful to avoid liquidity risks.
At GMT+8 15:04, spot gold rose 0.43% to US$1,861.44 per ounce; the main COMEX gold futures contract rose 0.43% to US$1,865.2 per ounce; the US dollar index fell 0.19% to 101.477.
Matt Simpson, senior market analyst at City Index, said: “The U.S. market is closed means that liquidity is lower than usual, and we may find that unless there is a new catalyst, gold prices will run in a tight range around $1,850.
The decline in the U.S. dollar index may be related to expectations for a drop in U.S. nonfarm payrolls due later in the week. The US non-farm population is expected to increase by 350,000 in May, while the previous value increased by 428,000. This indicates that the number of new nonfarm payrolls in the United States is expected to fall by more than 27%. A drop in job creation is likely to undercut the Fed's hawkish stance on monetary policy in June, which will ultimately boost gold prices.
Prior to this, the United States will also release the May ISM Manufacturing Purchasing Managers Index (PMI), and the market is increasingly worried that the US economy may fall into recession. If the data shows that U.S. manufacturing activity continues to expand strongly in May, the dollar will rebound and limit gold's upside.
On the hourly chart, the price of gold started an upward v-wave from $1,841, with the upper resistance looking at the 100% target at $1,870 and the 138.2% target at $1,881. The v-wave is a sub-wave of the up (i) wave that started at $1786.
At GMT+8 15:04, spot gold rose 0.43% to US$1,861.44 per ounce; the main COMEX gold futures contract rose 0.43% to US$1,865.2 per ounce; the US dollar index fell 0.19% to 101.477.
Matt Simpson, senior market analyst at City Index, said: “The U.S. market is closed means that liquidity is lower than usual, and we may find that unless there is a new catalyst, gold prices will run in a tight range around $1,850.
The decline in the U.S. dollar index may be related to expectations for a drop in U.S. nonfarm payrolls due later in the week. The US non-farm population is expected to increase by 350,000 in May, while the previous value increased by 428,000. This indicates that the number of new nonfarm payrolls in the United States is expected to fall by more than 27%. A drop in job creation is likely to undercut the Fed's hawkish stance on monetary policy in June, which will ultimately boost gold prices.
Prior to this, the United States will also release the May ISM Manufacturing Purchasing Managers Index (PMI), and the market is increasingly worried that the US economy may fall into recession. If the data shows that U.S. manufacturing activity continues to expand strongly in May, the dollar will rebound and limit gold's upside.
On the hourly chart, the price of gold started an upward v-wave from $1,841, with the upper resistance looking at the 100% target at $1,870 and the 138.2% target at $1,881. The v-wave is a sub-wave of the up (i) wave that started at $1786.
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