摘要:Gold Freefalling as Dollar Surges
Gold is tumbling on Wednesday triggered by a steep rise in the US Dollar following Chicago Federal Reserve President Charles Evans comments suggesting the central bank may raise US rates earlier than expected.
The rising greenback value has placed the precious metal under immense pressure since the start of the week. Gold fell nearly 100$ over the last three sessions, trading down to 1,865.67 per ounce at the time of writing.
Fed President Evans announcement came during the virtual Official Monetary and Financial Institutions Forum in which he said that the US economy has returned to 90 percent of its pre-pandemic level and lowered expectations on further quantitative easing, providing a strong signal to Dollar bulls.
That said, Evans also mentioned that the US economy risks a longer and slower recovery should the government fail to agree on another fiscal stimulus package. Globally, however, the announcement came as a positive surprise given that Evans is typically viewed as one of the more dovish members of the Fed.
From a technical perspective, the main trend is down on the daily chart. Prices broke firmly below the August high trendline and are now testing the crucial 1,863.27 August low mark, effectively completing a full reversal. Sellers appear to have enough resolve to touch below the immediate support in the coming sessions but by doing so may entice buying pressure to return as the RSI will likely flash into oversold territory.
The next significant level to watch out for should price continue to slide will be the 1,817.58 zones which proved to be the last major hurdle before the late July surge. On the flip side, the 1,900 psychological resistance should provide the first test of any reversal at this point.
(Chart Source: Tradingview 23.09.2020)
Considering the overall economic climate, I would still argue the fundamentals in gold remain strong, particularly as a COVID-19 vaccine is yet to be discovered and parts of the world are going back into lockdown mode. Nonetheless, the US Dollar is running hot and buyers will likely have to wait until prices are closer to 1,800 to make a strong comeback.
Disclaimer: This material has been created for information purposes only. All views expressed in this document are my own and do not necessarily represent the opinions of any entity.
免责声明:
本文观点仅代表作者个人观点,不构成本平台的投资建议,本平台不对文章信息准确性、完整性和及时性作出任何保证,亦不对因使用或信赖文章信息引发的任何损失承担责任
昨晚商品大幅上涨,原因是美联储6月加息预期大幅回落,ADP数据再度大超预期,反映出目前就业市场依然偏强运行。
市场目前预计,美联储6月维持利率不变的可能性不到40%。如果在今年晚些时候(美联储)采取更温和的态度,这意味着可能会出现一定程度的利率放松,将被视为利好股市,同时也会降低投资者持有黄金的意愿。
上周金价震荡回落,美国两党接近谈妥债务上限,打压避险情绪。
昨天黄金窄幅震荡,有消息称新一轮美国债务上限谈判结束时没有取得多少进展,市场避险情绪升温,美债收益率也从逾两个月高点小幅回落,给金价提供反弹机会。