In the Asian session of this trading day, spot gold opened at $1748.14/oz. As of 13:07, the highest gold price reached $1748.83/oz, and the lowest touched $1743.71/oz.
This year, the drought in many parts of the world is severe, the farmland that cannot be planted in the United States has increased significantly, and the European region will also be forced to reduce production. Combined with the impact of the conflict between Russia and Ukraine, global food prices may be further pushed up, and inflation will be more difficult to control.
During the Asian session on Wednesday (August 24), spot gold fluctuated in a narrow range. It is currently trading around $1,744, temporarily holding most of the overnight gains. On Tuesday, due to the poor performance of U.S. real estate data and PMI data, the U.S. dollar fell from a nearly 20-year history. Falling back near the highs, data from the euro zone and the UK also exacerbated market concerns about the weakening of the global economy, and concerns about geopolitical situations intensified, providing gold prices with some rebounding momentum. However, the market still generally expects Powell to deliver a hawkish speech this week. Currently, interest rate futures show that the probability of raising interest rates by 75 basis points in September has increased. The rise in U.S. bond yields has put gold prices under pressure below the middle Bollinger band. , and pay attention to the 1755 first-line breakout situation in the past few days.
At the opening in the morning, gold fluctuated near the low point of the late trading. The hourly cycle showed weak fluctuations, but the decline was not obvious. Therefore, the short-term operation in the day was to wait for the fall and adjust to go long. The short-term support of the price of gold in the day is 1740. European plate first look at the 1752-1755 range.
Summary: The idea of ​​gold’s short-term operation in the day is mainly more. For the time being, it cannot be said that gold must reverse the bullish market, but there is a bullish signal to support, so these two days are slowly adjusting the idea, and the short-term is bullish. Today, the gold price is concerned about the 1740 support within the day, the top is 1752-1755, and the break is near 1760.