Look at $1744 under the international gold price

On Tuesday (October 5), the international gold price fell from its highest point of $1,770.44 per ounce since September 23, which was set overnight, and the daily triple-sun trend is expected to end due to the rising dollar. The price of gold may drop to $1744 in the future. However, the market's lingering concerns about inflation are expected to limit the downward pace of gold prices.

GMT+8 14:47, spot gold fell 0.74% to 1,756.45 US dollars per ounce; COMEX gold main contract fell 0.62% to 1756.8 US dollars per ounce; the dollar index rose 0.18% to 93.976.


U.S. President Biden said on Monday (October 4) that unless Republicans and Democrats work together to vote to increase the debt ceiling in the next two weeks, the federal government may exceed the $28.4 trillion debt ceiling and default on an unprecedented level. .

The accelerated growth of US factory orders in August indicates that the manufacturing sector remains strong. However, due to shortages of raw materials and labor, economic growth in the third quarter seems to have slowed down, and inflation may remain high for some time to come.

On the daily chart, the price of gold has started a three-wave downward trend from US$1770, and the support below looks to the 23.6% target of US$1744. 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.