On Tuesday (August 16), the international gold price was stable, as the U.S. dollar index adjusted after the sharp rise in the previous two trading days. However, the prospect of aggressive interest rate hikes by the Federal Reserve is still negative for gold prices, and the market outlook is expected to drop to $1,759. Markets focus on the minutes of the Fed meeting.

 

At 14:47 Beijing time, spot gold rose 0.05% to US$1,780.45 per ounce; the main COMEX gold futures contract fell 0.15% to US$1,795.4 per ounce; the US dollar index rose 0.04% to 106.548.

 

Fed officials maintained a hawkish tone and hinted at further interest rate hikes this year to curb high inflation. The U.S. benchmark rose more than 1.2 percent in the first two trading days. A stronger dollar makes dollar-denominated commodities more expensive for non-dollar holders.

 

The prospect of Fed rate hikes and macro risk trends will have a huge impact on gold prices. The main event risk this week is the minutes of the Fed meeting released on Wednesday (August 17), which is expected to hint at the Fed's future policy path and bring a new direction to gold prices.

 

Matt Simpson, senior market analyst at City Index, said: "Gold has failed to attract safe-haven inflows, and its break below $1,783 support may have triggered a stop-loss all the way. In addition, gold prices failed to stand above $1,800 last week, indicating round-the-line resistance. Big."

 

On the hourly chart, the price of gold fell below $1,782 in the short-term, and the market outlook is expected to further test the $1,770-1,765 range. On the daily line, the price of gold started an adjustment ((ii)) wave from $1,808, and fell below the 23.6% Fibonacci retracement level of the ((i)) wave at $1,778. The market outlook is expected to test the 38.2% Fibonacci retracement. $1759.

 

 

Gold prices closed below the 50-day moving average at $1,782 overnight, which was crucial to offset the recent rally. After that, the bears will pay attention to the integer of $1,770. If it falls below this level, the price of gold will test the 21-day moving average of $1,756; if the price of gold tries to break through the $1,800 mark again and hit the monthly high of $1,808, it will show a new buy. Chance.