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Support under the international gold price is still at $1727

Oct 26, 2021 11:00

On Friday (October 8), international gold prices held steady as investors avoided large-scale bets before the US non-agricultural employment report. The report is considered to be the key to affecting the Fed's timetable for curtailing stimulus measures. Technically, the price of gold is still bearish, and the bottom support is still $1727.

At GMT+8 13:39, spot gold rose by 0.11% to US$1757.70 per ounce; the main COMEX gold contract fell by 0.10% to US$1757.4 per ounce; the US dollar index rose by 0.07% to 94.278.


Michael Brown, a senior analyst at the payment company Caxton, said: "Today's market is quite typical of the dull before the non-agricultural employment data is released. I think we may have been stuck like this until the employment report is released."

The market predicts that non-agricultural jobs in the United States may increase by 500,000 in September. The weekly jobless claims data released overnight showed that the number of initial jobless claims in the United States recorded the largest drop in three months last week. This indicates that the labor market recovery is experiencing the most recent as this wave of viral infections begins to recede. After slowing down, it is regaining momentum.

Fed Chairman Powell hinted last month that as long as U.S. employment growth is “reasonably strong” in September, the Fed can begin to reduce the size of its monthly debt purchases by US$120 billion after the November 2-3 policy meeting.

Mark Haefele, chief investment officer of UBS Global Wealth Management, said in a report: "The steady improvement in the labor market and steady economic growth in the United States should give the Fed the green light to reduce its quantitative easing program."

The US Senate passed a bill to raise the debt ceiling immediately to avoid a historic debt default this month, but it postponed it until early December before deciding to take longer-lasting remedies.

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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