Today’s gold prices fluctuated slightly in the morning, and the international gold price was adjusted to a downward trend within a narrow range at US$1,745 per ounce. Today, gold remains volatile and weak in the short-term, and the price of gold is adjusted in the range of $1740-1750 per ounce.
JPMorgan: The dollar will strengthen further
Antonin Delair, a foreign exchange analyst at JPMorgan, said that while the U.S. dollar is currently not cheap, according to quantitative models, the dollar will strengthen further as the growth outlook deteriorates. The U.S. dollar has benefited from the recent rise in implied volatility; favoring EUR, SEK and NZD as funding currencies. Cross-sector risk adjustment and real arbitrage are the best strategies so far this year.
MUFG: Fundamentals still support a stronger dollar
Economists at Mitsubishi UFJ Bank believe the dollar will continue to strengthen in the coming months as Fed policy and European energy woes boost the greenback’s relative appeal. The dollar’s strength reflects expectations that the Fed will continue to deliver a relatively hawkish policy message at its annual meeting in Jackson Hole this week, reiterating that it will continue to raise interest rates to curb inflation, despite recent evidence that inflationary pressures have eased from previous rate hikes.
The worsening negative impact of the European energy price shock further boosted the dollar’s strength. With the current difficult situation, it is difficult to argue that the dollar will continue to strengthen in the coming months, and the Fed seems unlikely to turn dovish anytime soon.
International gold rose sharply on Tuesday, standing above 1730, the daily K line closed in the sun, and Bollinger closed. Before the market rate hike in September, the sharp rise shows that the daily Bollinger is on the rail 1808 (also the former high point), so , There is a lot of space above the bulls, and you can boldly do more and hold more than one order. On the technical side of the small cycle H4, the short-term highs are at 1760 and 1780. This week, the target is 1760 and 1780. After the shock at midnight on Tuesday, it started to fall from 1753, and the current lowest is around 1744. The Asian and European markets are expected to support and rise slowly around 1742. The European and American markets can see a big upside. high.
For the intraday gold market, the price of gold has completed the bottoming above 1728, and it is more profitable to do above 1730 in the early stage. The intraday support of 1742 continued to be bullish, and the US market focused on the highs of 1760 and 1780.