On Tuesday (September 15) intraday, spot gold accelerated short – term rise, now at $1,964 an ounce, up 0.43% on the day. Silver, meanwhile, rose nearly 1 percent on the day to trade at $27.35 an ounce. Spot gold closed at $1955.20 an ounce, up $15.51, or 0.80 percent, after touching as low as $1936.79 and as high as $1962.20. Gold futures for December delivery on the COMEX rose 0.8 percent to $1963.70 an ounce.
The RBA released the minutes of its September monetary policy meeting at 9:30 am Beijing time on Tuesday. The committee reiterated that it would not raise its cash rate target until progress was made towards full employment and inflation, according to the minutes. The committee noted that the economic downturn was not as severe as previously expected and that most parts of Australia were recovering. Australia’s recovery, however, is likely to be uneven; The committee is considering how to take further measures to support the recovery. Members noted the strength of Australia’s public sector balance sheet, which allowed it to continue to provide support, and considered that fiscal and monetary support was likely to be needed for some time.
The RBA stands ready to buy bonds and semi-government bonds in case of another market failure. Demand for business loans remains weak, reflecting weak economic conditions and a high degree of uncertainty. The supply of credit has also tightened since the start of the year, reflecting the uncertain economic outlook; The banking system remains resilient and the RBA is prepared to buy three-year Australian government bonds if needed. The Committee agreed to maintain a highly accommodative policy as long as necessary. Wage and price pressures remain low and are likely to remain so for some time. A weaker Australian dollar would do more to help the recovery.
Investors are keeping a close eye on the Fed’s policy meeting this week, which is also the last before the November election. Marc Chandler, chief market strategist at Bannockburn Global Forex in Bannockburn, New York, said the Fed’s rhetoric for the meeting will be very dovish, but Powell is unlikely to take a position on bond-buying targets or yield curve control. The Fed’s bigger worry than inflation is the downside risk to the economy. U.S. stocks are likely to remain volatile but not sharply lower in the coming week. After all, if the Fed is dovish, the dollar could fall.
A new round of negotiations on Britain’s exit from the European Union has hit obstacles. British and European negotiators began their eighth round of trade talks in London On September 8, THE BBC reported. Earlier, British Prime Minister Boris Johnson said Britain was prepared to accept a “no deal Brexit” if trade talks fail before a meeting of the European Council on October 15. Boris Johnson has given the UK a deadline to leave the EU in the eighth round of trade talks and said the transition period would not be extended. Although time is running out, talks are moving slowly because of differences over government aid, fishing, Northern Ireland and other issues, the Associated Press reported. Eu chief negotiator Michel Barnier said he was “worried and disappointed” at the lack of progress and said Britain was not “constructively engaged” in the talks, foreign media reported.
The coVID-19 outbreak in Europe has worsened, with Spain becoming the worst-hit country in Europe. After months of calm, the coVID-19 outbreak in Europe has rebounded. On September 12, local time, more than 10,000 new cases were confirmed in A single day in France. There are also signs of a rebound in other European countries. Experts say the resurgence of the epidemic in Europe is closely related to the relaxation of restrictions and the frequent movement of people during holidays. According to official data released by the Spanish Ministry of Health on September 11, the total number of confirmed cases of COVID-19 in Spain is more than 560,000. The Financial Times reported that Spain has become the first EU country to have more than half a million confirmed coVID-19 cases.
The golden hour chart shows prices testing the Fibonacci 38.2 percent pullback from support at 1939 and currently testing the Fibonacci 78.6 percent pullback from 1974. If the price is blocked to fall, support below see 1939.
The gold daily chart shows that the price is moving up in the short term and breaking the downtrend line at the closing price. It is expected that the upward pressure on the price will be greater. The upper resistance is The 23.6% kafibonacci retracement at 1979 and the breakout at 2000. If prices fall, support is seen in the Fibonacci 38.2 percent correction to 1920. The daily line is bullish, resistance see 1979, if the daily line closing below 1920 then the view is invalid.
Multi-cycle technical signals show intraday sentiment bearish: short term bearish (5 min, 15 min, 1 hour), midline bullish (daily), long term bullish (weekly, monthly).
On daily charts, silver continued its choppy trend of recent days, gaining nearly 1 percent on the day to trade at $27.35 an ounce. The daily MACD green momentum column weakened slightly, with the KDJ random index falling below the 50 level, indicating weaker bearish momentum for silver and further price volatility.
On the 4-hour chart, silver tries to oscillate higher above its 200-day moving average, keeping an eye on whether it can hold the $27 mark. The MACD red momentum column is gradually expanding and the KDJ random index has hit the overbought level, indicating that silver bullish momentum is strengthening and short term or further choppy higher.
Fundamentals positive factors:
The Fed’s decision on interest rates may set off a gold rally. If the Fed opts for more stimulus, gold appears poised to return to the record high it reached on Aug. 7. In the medium to long term, gold will also continue to grow. Last week, Standard Chartered raised the average gold price for 2020 to $1,805 and 2021 to $2,125, up from $1,749 and $1909, respectively.
- The latest news from the border conflict between China and India. Beijing: Chinese troops are laying a network of fibre-optic cables at a flashpoint with India in the western Himalayas, two Indian officials said on Tuesday, Reuters reported. A senior government official said the cables, which were recently discovered in the southern Part of Pangong Lake in the Ladakh region of the Himalayas, would provide frontline troops with secure communications lines to rear bases. A former Indian military intelligence official said the cables not only have communications security, but also the ability to send data such as pictures and documents. The official declined to give his name because of the sensitivity of the matter. “If you talk on the radio, it might be found,” he said. Communications over fiber optic cables are safe.”
In a statement posted on its website on Monday, the U.S. Customs and Border Protection (CBP) banned imports of cotton, clothing, real hair products, computer parts and other goods from six Chinese companies or institutions. The move is mainly aimed at Xinjiang. Sources say the Trump administration has put on hold a total ban on cotton and tomato products in China’s Xinjiang region, saying it is still working on it.
Fundamentals negative factors:
The U.S. State Department said On Monday that it had relaxed its travel advice for Americans considering a trip to China or Hong Kong from “don’t travel” to “rethink travel.” In issuing a “reconsider travel” warning, the STATE Department cited COVID-19 and arbitrary enforcement of local laws, but said “things have improved” in China.
- The Chinese Navy successfully escorted an Indian oil tanker carrying 31 Indian crew members to designated waters in the Gulf of Aden on Saturday and was thanked by the tanker’s captain, the Global Times learned on Monday. Diplomatic relations between China and India have been strained recently by a border dispute. After two days of escorting, the 35th Fleet of the People’s Liberation Army Navy (PLA) successfully escorted three foreign merchant ships, including the Indian oil tanker Deshgauraf, the Panamanian chemical tanker Rabigh Sunshine and the Marshall Islands bulk carrier Pancras, to their destinations on Saturday.
- On September 10, local time, State Councilor and Foreign Minister Wang Yi met with Indian Foreign Minister Sushma Jaishankar on the sidelines of the Shanghai Cooperation Organization Foreign Ministers’ Meeting in Moscow. Wang said that as two major neighbors, it is normal for China and India to have some differences. But to put differences in the proper position of bilateral relations, the key is to adhere to the strategic consensus reached by the leaders of the two countries that China and India are not rivals but cooperative partners, not threats to each other and development opportunities for each other. Wang Yi elaborated on China’s solemn position on the situation at the China-India border, stressing that the pressing task is to immediately stop the firing, provocation and other dangerous ACTS in violation of its commitment, withdraw all personnel and equipment that cross the line, disengage as soon as possible and push for the relaxation and cooling of the situation.