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The international gold price outlook is still looking at $1738

Oct 26, 2021 11:02

On Tuesday (October 12), the international gold price rose because the US dollar index fell. However, under the expectation of soaring energy prices and the Federal Reserve's upcoming debt reduction, the US dollar index still hovered below the one-year high of 94.504 touched last month. The price of gold remains bearish, with support at $1738 below.

At GMT+8 13:42, spot gold rose 0.43% to US$1761.76 per ounce; the main COMEX gold contract rose 0.37% to US$1762.2 per ounce; the US dollar index fell 0.06% to 94.308.


Stephen Innes, managing partner of SPI Asset Management, said: “Gold is relatively elastic, and the market is revolving around stagflation and economic growth prospects (arguments).” However, he also said that investors are reluctant to catch up until the minutes of the Fed’s September meeting are released. .

An analyst from ANZ Research said in a report: “In the context of generally low interest rates around the world, the risks surrounding slowing growth and rising inflation will still prompt investors to continue to strategically allocate gold,” adding that they The price of gold is expected to fall back after rising to US$1850 next year.

Market participants are now waiting for the minutes of the Fed’s September 21-22 policy meeting and the consumer price index, both of which will be announced later this week.

On the daily chart, the price of gold has started a three-wave downward trend from US$1,781, and the support below looks to the 38.2% target of US$1738. Wave 3 is a sub-wave of the downward (3) wave that started at $1834. (3) Lang's 61.8% target is at $1688. (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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