The international price of gold could regain its position at 1846 US dollars
The international price of gold rose slightly on Friday (January 6) and is expected to rise for the third consecutive week and is expected to regain $1,846 in the near term. Investors are waiting for the release of the US nonfarm payrolls report at 21:30 Beijing time in order to judge the Fed’s future rate hike path.
As of 2:48 pm Beijing time, spot gold was up 0.35% to $1,838.9 an ounce; the main COMEX gold futures contract rose 0.16% to $1,843.5 an ounce; the US dollar index rose 0.08% to 105.218.
Data released on Thursday (January 5) showed that US private employment rose more-than-expected in December, while the number of Americans filing for new jobless claims fell to a three-month low last week , indicating that the job market remains tight and could force the Federal Reserve to continue raising the interest rate.
Yeap Jun Rong, market strategist at IG, said: “Stronger-than-expected job growth and more enduring wage pressures could be catalysts adding to the selling pressure on gold. Gold prices have trended up since November of last year as dollar bulls ease their stances.In 2023, the price of gold could continue to attract buyers, but could face the risk of a sharp pushback from policymakers.”
But the minutes of the Federal Reserve’s December policy meeting were released Wednesday (January 4) and few Fed officials reiterated their continued fight to cut inflation to 2%, even if St. There will be some relief .
“Gold is likely to stay above $1,800 an ounce until that happens, with labor market weakness looming,” Edward Moya, senior analyst at OANDA, said in a statement.
On the daily chart, the price of gold is still in an uptrend wave ((3)) from as low as $1,796 and should recapture its 100% target below $1,846. Wave ((3)) is the secondary wave of bullish wave III which started at $1773, and wave III is the secondary wave of bullish wave (III) which started at $1725.
