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Look at $1727 under the international gold price

Oct 26, 2021 10:59

On Wednesday (October 6), international gold prices continued to fall, as the dollar’s strength and the rise in the yield of US 10-year Treasury bonds weakened the attractiveness of gold. Investors focused on US non-agricultural employment data later this week.

At 14:14 GMT+8, spot gold fell 0.37% to US$1753.79 per ounce; the main COMEX gold contract fell 0.40% to US$1753.0 per ounce; the US dollar index rose 0.15% to 94.126.


The 10-year U.S. Treasury yield hit a high of 1.571% since June 18, and the US dollar is close to 94.504, the highest point since September 28 last year recorded last week, weakening the attractiveness of gold to holders of other currencies.

David Meger, director of metal trading at High Ridge Futures, said that the dollar and U.S. bond yields have risen after a slight correction in the past few days, as well as the stock market rebound, which is driving down gold prices.

Friday (October 8) US employment data is expected to show that 470,000 new jobs will be added in September. This data is critical to the timetable for the Fed to cut its economic support.

On the daily chart, the price of gold has started a three-wave downward trend from US$1770. The support below looks to the 23.6% target of US$1744 and the 38.2% target of US$1727. Wave 3 is a sub-wave of the downward (3) wave that started at $1834. (3) Wave is a sub-wave of the downward ((Y)) wave that started from 1917 USD. The ((Y)) wave belongs to the adjusted IV wave that started at $2,075.

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