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Original Title: Gold Closes – First US General Election Debate Strikes Hard, Gold Soars Nearly $ 20, Breaks 1880 Mark
Gold priceIt rose on Monday (September 28), recouping previous losses as the US dollar fell from a two-month high before the US presidential election debate this week, but the stock market rally capped the price of gold. .
Spot gold closed at US $ 1,880.21 an ounce, with an increase of US $ 19.18 or 1.03%, the lowest intraday touched US $ 1,848.81 per ounce and the highest touched US $ 1,882, 80 ounce.
COMEX December gold futures closed 0.9% higher at $ 1,882.30 an ounce.
“With the weakening of the US dollar and slightly lower real interest rates, the price of gold has started to regain lost ground,” said Suki Cooper, an analyst at Standard Chartered Bank.
“There have been many risk events this week, from the first debates of the three US presidential debates to the unemployment and inflation data, which provide clues to gold prices,” he added.
US President Trump and former Vice President Biden will meet in their first presidential debate on Tuesday.
The US dollar index fell 0.4% from a two-month high reached the previous day.
The rise in the price of gold was limited, as the stock rose, mainly driven by data released last weekend. The data shows that the profits of Chinese industrial companies increased for the fourth consecutive month in August.
Edward Moya, senior market analyst at OANDA in New York, noted: “The price of gold has found a new key technical support level of $ 1,850. You can see that investors in gold are starting to feel more optimistic about the rise in your gold holdings. “
“The price of gold has fallen several hundred dollars from record highs and investors believe this is a good opportunity to buy.”
Although the price of gold rose on Monday, it was still 10% below the record of $ 2,072.50 set in August. Last Friday, the price of gold recorded its biggest weekly decline since March 13.
In terms of T + D gold and silver, T + D gold on the Shanghai Gold Exchange closed 0.82% higher at 401.32 yuan / gram on Tuesday night; T + D gold on the Shanghai Gold Exchange closed 1.38 yuan or 0.35% higher at 398.70 yuan / g on Monday. Grams, the highest price is 400.00 yuan / g and the lowest price is 396.51 yuan / g.
The Shanghai Gold Exchange Silver T + D closed up 2.51% Tuesday night at 4,988.0 yuan / kg; The Shanghai Gold Exchange Silver T + D closed at the close of Monday 14 yuan or 0.29% at 4,839.00 yuan / kg, the highest price was 4935 yuan / Kg, the lowest price was 4775 yuan / kg.
Fundamental positive factors
1. According to Worldometers real-time statistics, at 05:55 on September 29 Beijing time, 33.49 million confirmed cases of the new corona virus worldwide, 184,723 to 33,495,040 new cases , 1 million deaths and 2,804 new cases. Up to 1005096 cases. There are 38 countries with more than 100,000 confirmed cases worldwide. Additionally, Oman, UAE, Sweden, and Guatemala have more than 90,000 confirmed cases. The number of confirmed cases of the new coronavirus in the United States reached almost 7.35 million, with 28,264 new to 7,349,607 new cases, representing almost a quarter of confirmed cases in the world; the number of deaths reached 200,000, with an increase from 256 to 209,709, which represents the total deaths in the world. Almost a quarter.
2. Taiwan said on Monday that after a global coalition of mayors stopped referring to Taiwanese cities as part of China, the European Union had “helped.” Under mounting pressure from mainland China, Taiwan has achieved a “rare victory.” Last weekend, the Brussels-based “Global Covenant of Mayors on Climate and Energy” began listing the nationalities of its six Taiwanese cities such as China on its website, and Taiwanese officials expressed anger at this. Subsequently, the mayors of these cities wrote an open letter calling for the reversal of the decision. Taiwanese Foreign Minister Wu Zhaoxie said that after the protest, the organization has resumed listing these cities as part of “Chinese Taipei.” Taiwan uses this name in some international organizations such as the Olympic Games to avoid Beijing’s opposition to Taiwan’s participation. The EU “helped us in this regard,” Wu Zhaoxie told parliament, but did not provide details.
3. Taiwanese media “Freedom Times” reported on September 28 that PLA military aircraft entered Taiwan airspace every day since mid-September and entered the air defense identification zone in airspace. from southwestern Taiwan at 6:47 this morning. It was a broadcast from the Taiwan Air Force. The thirteenth consecutive day of “Expulsion” is the first to appear this month.
4. According to a report by the Russian Satellite Network on the 28th, the Armenian Ambassador to Russia, Vardan Toganyan, stated that some 30 Armenian soldiers had been killed in the armed conflict in the Naka region and another 100 had been injured. He is still communicating with the military for more specific information.
5. Two Iraqi officials and two Western diplomats said that after warning that the United States could close its embassy in Iraq, the United States is ready to withdraw diplomats from Iraq. This worries Iraqis that this move could turn their country into a battlefield. Two Iraqi government sources said Secretary of State Pompeo called the country’s president, Barham Salih, a week ago and threatened to close the embassy. This conversation was originally reported by an Iraqi news website. The aforementioned sources and the two aforementioned Western diplomats said that by Sunday, Washington had already started preparations to withdraw the diplomats if such a decision was made. Iraqis worry that shortly after the diplomats leave, military action will be taken against the troops Washington accused of launching the attack.
6. On Monday, China began holding five military exercises at the same time in different coastal areas. This is the second time in two months that China has held military exercises at the same time in the context of escalating regional tensions. The China Maritime Safety Administration stated in a notice on its website that two of the exercises were held near the disputed Xisha Islands in the South China Sea, one in the East China Sea and the other in the South China Sea. from Bohai further north. In another notice, it was indicated that the live fire exercises in the southern part of the Yellow Sea will be held from Monday to Wednesday, while the exercises in other waters will only last one day. The announcement stated that all ships were prohibited from entering the waters.
Fundamental negative factors
1. The US District Court for the District of Columbia ruled on the night of the 27th to suspend the implementation of the US government’s administrative order to remove TikTok, a social platform for short Internet videos, from the US mobile app store
2. Johnson & Johnson issued a statement on its website that an interim analysis of the 1 / 2a clinical trial of the new coronavirus vaccine developed by Janssen Pharmaceuticals showed that the vaccine produced a strong neutralizing antibody response in almost all subjects. . The data come from a single dose trial and the immune responses of all age groups (including the elderly) studied are similar.
panorama
1. “With the weakening of the US dollar and slightly lower real interest rates, the price of gold has started to regain lost ground,” said Suki Cooper, analyst at Standard Chartered Bank. “There are many risk events this week, from the first debate of the three US presidential debates to the unemployment and inflation data, that will give clues about the price of gold,” she added.
2. Edward Moya, Senior Market Analyst at OANDA New York, noted: “The price of gold has found a new key level of technical support of $ 1850. You can see that investors in gold are starting to feel more optimistic about the rise. of their gold holdings. The price of gold has risen from an all-time high. After a few hundred dollars fell, investors thought it was a good opportunity to buy. “
3. Todd Horwitz, chief market strategist at BubbaTrading.com, wrote that as the market bottoms out, the sell off of gold, silver and platinum continues. There has never been an absolute level to determine the level of the market; all we can do is set support and resistance levels as a guide. Horwitz wrote that they are still short on gold, silver and platinum, hoping to see a sharp drop in prices before the next round of rebound begins. In the short term, $ 1850 can become support for December gold; however, the graph shows that $ 1800 is also playing a role. For silver, the first support level should be $ 22.5, but $ 22 also plays a role. The first test level for platinum is $ 830, but its price target is $ 800.
4. Capital Economics Deputy Commodity Economist Samuel Burman said in the report that they now expect the price of gold to reach US $ 2,000 / oz by the end of this year and US $ 2,100 / oz by the end of 2021 The new year-end goal is higher than the previous estimate of $ 1,900 per ounce. “We believe that as the real yield falls slightly, the price of gold will continue to rise until the end of 2021, which could put pressure on the value of the dollar.”
Focus on the next trading day
07:50 Bank of Japan Announces Summary of Review Committees’ Views
17:00 Final value of the consumer confidence index of the euro zone in September
17:00 Economic and industrial sentiment index of the euro zone in September
20:00 Initial value of the monthly rate of the CPI of September of Germany
9:00 PM US July S & P / CS Top 20 Cities House Price Index Annual Rate
22:00 Consumer Confidence Index from the U.S. Chamber of Commerce Advisory September
01:00 the next day Fed Williams attends the meeting
04:30 the next day US crude inventories API for the week of September 25
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