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On August 27, Commerzbank analyst Antje Praefcke stated that threats to the Federal Reserves independence and the worsening US budget deficit are structural pressures on the US dollar. US President Trumps dismissal of Federal Reserve Governor Lisa Cook has sparked new concerns about the Feds independence, which she said is "critical to maintaining the value of the currency." Praefcke stated that the central bank must make painful decisions to address economic imbalances. Furthermore, the US dollar is facing pressure from concerns about the sustainability of US debt. Trumps tax and spending bills may end up being more expensive than currently planned. She stated that while some tax breaks should be temporary, past experience has shown that they are difficult to reverse when they are nearing expiration.Market news: Amazon (AMZN.O) plans to provide job opportunities to Whole Foods Market employees.On August 27, a Ukrainian drone attack on a Russian oil export pipeline and the US policy of doubling tariffs on Indian imports appear to be impacting Moscows crude oil exports. Tanker tracking data compiled by the agency shows that weekly crude oil shipments from Russian ports fell by 320,000 barrels per day (bpd) to a four-week low of 2.72 million bpd in the week ending August 24, primarily due to a decrease in loadings at the Baltic port of Ust-Luga. This left the four-week average crude oil shipments essentially flat, with the average daily volume of seaborne cargo at 3.06 million bpd.U.S. Treasury Secretary Benson: We are considering candidates for Federal Reserve Chairman and will talk to the candidates.Chow Sang Sang (00116.HK): Profit attributable to owners of the company in the first half of the year was HK$902 million, compared with HK$526 million in the same period last year.

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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