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Gold Daily Analysis (xul) September 29, 2021
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Photo Source: Nurhakim via GIC[/caption] In yesterday's Asian session, gold's movement had touched the level of US$1754.32/troy ounce which was the highest daily level. Entering the European session, the movement of gold was still depressed and had touched the level of US$1749.28/troy ounce. When the US session began to open, the gold movement had tried to rise but failed in line with the strengthening sentiment of the US Dollar.
In the US session, gold prices actually touched a new low of US$1728.00/troy ounce. The condition of the US Dollar currency is increasingly showing its might, as a result of the positive sentiment shown by market participants. In addition, the greenback also received support from rising bond yields with a tenor of 10 years. Coupled with the plan to increase the benchmark interest rate, market participants believe it can be done faster than previously predicted. Fed Central Bank Chairman "Jerome Powell" in his agenda overnight at 21:00 WIB emphasized that the growth of the American employment sector is still far from the expected standard.
As we know, the employment sector is a vital sector to launch interest rate hike plans. Although Powell's statement, which should have lifted the price of gold to withstand its fall, was not able because the effect of rising bond yields and confidence in US interest rate hikes was more dominant in influencing the movement of the gold market.
Today's gold movement in the Asian session is expected to continue its decline, this is because the condition of the US Dollar, which is still solid, is at its strengthening level. In the past few trading days, gold has fallen in a row and is currently at its monthly low. For fundamental analysis or the release of high impact data today, there will be BOE Gov. Andrew Bailey Speaks and Fed Chair Powell Speaks which is scheduled at 22:45 WIB.
Keep a good eye on Money Management and Risk Management to protect your funds. Thus the discussion of the GIC article regarding "Gold Daily Analysis: September 29, 2021". Don't forget to check out our other articles, such as "Learn Forex Trading from Zero" only in the GIC Journal. Don't miss the opportunity to win extra money at GIC, through 100% Deposit Bonus, affiliates, and Friday Barokah.
