Sinar emas kembali meredup pada perdagangan market hari kedua kemarin (Selasa, 28 September 2021) di pekan ini. Emas menyentuh level terendah baru saat ini, dan level tersebut adalah US $ 1728,00/troy ounce. Anjloknya harga emas ini karena tertekan oleh menguatnya mata uang Dollar AS. Dalam beberapa hari ini bias emas masih berada pada jalur penurunannya, hal ini dikarenakan para pelaku pasar masih memutar modalnya di asset resiko lainnya.

Apart from the strengthening of the US Dollar against several other major currencies, the decline in gold prices is also because market participants are more comfortable holding another safe haven asset, namely the US Dollar currency compared to gold. The GIC analyst team predicted that 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 greenback is at its highest level after getting support from rising US government bond yields with a tenor of 10 years. The increase in the bond yield reached a level of 1.45% which is the highest level in 3 months.

In addition to receiving support from bond yields, the strengthening of the US Dollar also received positive sentiment from market participants about the plan to raise interest rates faster than predicted. Market participants believe that interest rates will be raised after the scheduled tapering process is completed. This tapering process will be carried out from November until mid-2022.

On the other hand, the chairman of the US Central Bank "Jerome Powell" in his agenda last night at 21:00 WIB emphasized that the growth of the American employment sector is still far from the expected standard level. As we know, the employment sector is a vital sector to launch interest rate hike plans. The focus of market participants today is on the agenda of BOE Gov. Andrew Bailey Speaks and Fed Chair Powell Speaks which is scheduled at 22:45 WIB.
Powell's plan is to participate virtually with the agenda of the Bank of England's chairman's statement. Andrew Bailey's prediction will highlight the energy and fuel shortage that occurred in the UK yesterday, causing the Pound Sterling to plummet by up to 2000 pips against the US Dollar.

GOLD Technical Analysis (XUL)

PIC's technical analysis related to GOLD (XUL) predicts that the trend will still be bearish.

Pivot Point

The following are the pivot points of GOLD on September 29, 2021. Pivot point = 1738.51

Support

The following are the GOLD support on September 29, 2021.
  1. Support 1 = 1722,70
  2. Support 2 = 1712,19
  3. Support 3 = 1696,38

Resistance

The following are the GOLD resistance on September 29, 2021.
  1. Resistance 1 = 1749,02
  2. Resistance 2 = 1764,83
  3. Resistance 3 = 1775,34
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