• Bond yields & tapering plans avalanche gold.
  • The decline in gold is still in a limited range.
The daily analysis of gold on September 13, 2021 from GIC will discuss the dimmed gold rays in Friday trading last weekend. The reason for the decline in gold prices is due to the strengthening of the US dollar against other major currencies. However, the decline in gold prices is predicted to be still in a limited range, because market participants are still paying attention to the Fed's tapering plan which is still biased. When the gold daily analysis article on September 13, 2021 was written, the price of gold was at the level of 1791.65. The factor causing the movement of gold prices at the end of last week was the rise and fall of US government bond yields with long-term tenors. In addition, market participants are still waiting for the tapering discourse that will be carried out by the US central bank. Bond yields with a tenor of 10 years soared and the growing confidence in the market for the implementation of the tapering plan carried out by Fed chairman Jerome Powell will still be carried out as originally planned. At the previous meeting, Powell stated that tapering would be possible this year. The rise in bond yields coupled with growing confidence in the market, has made the US dollar strengthen and slide the movement of gold prices. However, some analysts predict that the decline in gold prices is still in a limited range. This is because the focus of market participants is on the Fed meeting which will be held next week, precisely on September 22-23, 2021. In addition, the number of Covid-19 patients in the world is still increasing and the stimulus reduction plans that have been carried out by central banks in the world such as the BOE, RBA and ECB are expected to affect the world economic recovery during the current pandemic. These two things could be a strong foundation for gold to surge up again and shine again.

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How is Gold Technical Analysis?

Daily analysis of gold is predicted that the trend will still be bearish or down.
  • Pivot point = 1792,95
  • Support 1 = 1782,16
  • Support 2 = 1776,22
  • Support 3 = 1765,43
  • Resistance 1 = 1798,89
  • Resistance 2 = 1809,68
  • Resistance 3 = 1815,62
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