Original title: international gold prices continue to be stable; new policies of central banks around the world are to be announced, and investors should pay close attention to a main line.
On Tuesday (September 8), international gold prices remained stable due to the dollar index.The weakening rebound has limited the decline in gold prices as doubts about the global economy's recovery from the epidemic and investors await the policy strategies of central banks in places such as Europe and North America.
At 15:14 Beijing time, spot gold rose 0.08 per cent to $1930.95 an ounce and the dollar index rose 0.06 per cent to 93.128.
Beautiful fingerAfter closing higher for five consecutive days, the rally slowed after hitting a 93.242 high over the weekend.
Kyle Rodda, an analyst at IG Markets, said: "entering the week of the central bank meeting, there are some downside risks in dollar-denominated gold prices. If to the euroAppreciation shows disgust, which could lead to a renewed short-term strength of the dollar and a drag on gold prices. "
However, macro data provide support for the gold market. As corporate capital expenditure was hit by the COVID-19 pandemic, the Japanese economy shrank further in the second quarter than in the first quarter. Other data also show that the challenge is very serious: household spending and wages fell in July, as the impact of the epidemic continued to expand, and consumption remained weak even though the blockade was lifted in May.
Chief Cabinet Secretary Yoshihiro Suga, a popular candidate for Japan's new prime minister, said in his prime minister's campaign speech on Tuesday that epidemic prevention policy would be his priority and would expand testing capacity to fight the epidemic and expand vaccine coverage. He also said that he would adhere to the "Abenomics" economic policy left by Abe.
Major governments and central banks around the world have launched unprecedented stimulus measures to mitigate the economic damage caused by the COVID-19 epidemic, thus injecting liquidity into the market. The price of gold, as a tool to combat inflation and currency depreciation, has also hit an all-time high.
Market participants are now focused on the Bank of Canada policy meeting to be announced on Wednesday (September 9), followed by the ECB policy decision to be announced on Thursday (September 10). The two-day meeting of the Federal Reserve is scheduled for next week.
U.S. president Donald Trump accused Democratic presidential candidate Joe Biden of being "stupid" and asked Biden to apologize for his so-called anti-vaccine remarks. Biden had accused Trump of putting people's lives at risk in response to the epidemic.
The European Commission said it was determined to quickly reach an agreement with the UK on future economic and trade relations, but stressed the need to ensure fair competition. The EU wants to know what national aid rules the UK will adopt in the future to make sure that the British government will not help its companies but hurt EU companies through unfair financial aid.
Spot gold still needs to rise to $1979 again.
On the hour chart, the gold price seems to have ended the downward trend of (e) which started at US $1993 at US $1916, and (e) the wave is the sub-wave of the adjusted ((iv)) wave that began at US $2075. The ((iv)) wave shows a wedge shape of (a) (b) (c) (d) (e) Wuzi wave concussion and convergence.
Gold prices may start the ((v)) wave trend from 1916 US dollars. However, on the daily chart, gold prices continue to be under pressure below US $1979, which is the target level of the upside ((iii)) wave that began at US $1668. ((iii)) waves, ((iv)) waves, and expected ((v)) waves are all sub-waves of the three upstream waves that started at 1455 US dollars.
