International gold price, trading mt4 MT5 foreign exchange market

On Friday (June 17), the international gold price fell, as the strengthening of the US dollar and the rising yield of US Treasury bonds hit the demand for gold denominated in US dollars, but the impact of changes in the interest rate outlook remains to be clarified. The price of gold is $1868.

At 14:58 Beijing time, spot gold fell 0.62% to $1845.46 per ounce; COMEX gold futures contract fell 0.09% to $1848.3 / ounce; The dollar index rose 0.61% to 104.463.

Ilya Spivak, a foreign exchange strategist at dailyfx, said: "the gold price has not really moved. It is still in the range of $1800 to $1880/90 to find a direction. The impact of changes in the interest rate outlook remains to be clarified." Spivak added that investors were not sure whether inflation could be controlled.

The Federal Reserve this week implemented the largest single rate hike since 1994, as it is trying to control soaring inflation. Rising interest rates in the United States have increased the opportunity cost of holding gold, a non yield asset. Investors are also worried that the global interest rate hike will curb economic growth, and the global stock market will face the worst week since the market crash caused by the outbreak of the epidemic in March 2020 ю

Fitch solutions said in a report: "looking ahead, we expect that the strengthening of the US dollar and the recovery of bond yields will limit the price of gold, as the Federal Reserve fulfills its hawkish position. However, as gold will continue to be supported by the unfinished conflict between Russia and Ukraine, rising global inflation and the ongoing covid-19 pandemic, the price of gold will not fall back to the level before the outbreak of the COVID-19."

The downward trend line of gold price since the beginning of March continued to retreat, falling back to the 200 day Ma average near us $1845. Given that gold cannot break through the key resistance line, and MACD is weak, RSI retreats, gold prices may continue the latest decline to point to the monthly level support, close to $1800. However, the multiple lows since January at $1785-80 will pose a challenge to bears.

On the daily chart, the gold price is in the upward (c) wave starting from US $1805, and the upper resistance looks towards the 76.4% target level of (c) wave of US $1868. (c) The wave is a sub wave of the upward ((II)) wave that started from $1786. ((II) the wave is a sub wave of the downward C wave since 1998 US dollars.