At the time of writing, gold was trading at $1,755, just above the psychological level of $1,750, up 0.54% daily. Market analyst Anil Panchal states that a daily bearish retracement could lead to a test of the Fibonacci scale, with a 38.2% rate of $1,756 to be the key for gold. Latest developments in the markets and Anil Panchal’s gold analysis cryptocoin.com we have prepared for you.
Analyst: Evergande event is volatile and a risk going forward
Analyst Anil Panchal says fundamentals favor a risk-based approach in markets where investors are buying the Federal Reserve’s optimistic economic outlook, while emphasizing that the Evergande event will be a volatile and forward-looking risk.
cryptocoin.com Evergrande settled a coupon payment on a Shenzhen-traded bond, but on Thursday it was due to pay $83.5 million in interest on $2 billion offshore bonds, and it will pay $47.5 million on bonds next week. there is. There is a 30-day window for arranging payments, which the company says it is trying to reconcile. In a report by Reuters, the following points were mentioned:
Evergrande President Hui Ka Yan urged its managers late Wednesday to ensure the delivery of quality properties and the redemption of wealth management products often held by millions of individual investors in China.
“Gold traders should watch for US Treasury yields for a fresh resurgence”
Gold bears took a breather near a six-week low, pushing prices up to $1,744 in the early Asian session on Friday. The yellow metal slid the most in a week the previous day after rising around 1.43% as US 10-year Treasury bonds posted their biggest daily gain in seven months. U.S. bond yields rose as traders reassessed the U.S. central bank’s hawkish stance after an initially pessimistic response to the Federal Reserve’s decision. However, the Fed left benchmark rates unchanged at around 0.25% at the last meeting, but signaled rate hikes.
According to Anil Panchal, fears that China’s embattled real estate company Evergrande poses a serious threat to the economy play a key role. The firm received restructuring plans, demonstrated readiness for a planned coupon payment, and also received government support to dispel the pessimistic sentiment. Meanwhile, it’s worth noting that US$3.5 trillion in stimulus and ongoing negotiations over vaccine optimism have contributed to risk appetite. Analyst Anil Panchal states that the softer traces of the US PMI preliminary data for September failed to remember the gold buyers and the US Dollar Index (DXY) experienced the biggest drop in a month on Thursday.
Continuing, gold traders should pay close attention to US Treasury yields for a fresh revival, while expected US New Home Sales of 0.7 million versus the previous 0.708 million could provide extra clues for August.
Gold technical analysis: $1,717 will be a hard-to-crack nut for sellers
Market analyst Anil Panchal states that despite the 23.6% Fibonacci retracement (Fibo) on the downside in June-August, gold prices preserved the break of the six-week support line the previous day and is currently resisting around $1,750. He makes the following analysis:
Also, bearish MACD signals and continued trading below the 10-DMA, as well as a descending trendline from September 3, also favor sellers. However, it should be noted that with the August 10 low near $1,717, the golden bears may challenge the 23.6% Fibo.
Anil Panchal points to the $1,741 inch RSI near the oversold conditions and points to the following levels in his analysis:
If gold dips below $1,717, it will return to the $1,700 threshold and yearly lows near $1,687. Meanwhile, a rise beyond the turned resistance near $1,750 will be examined by the 10-DMA $1,770 level and a three-week resistance line near $1,780. After the upside break of $1,780, the 50% and 61.8% Fibonacci retracement levels near $1,801 and $1,829, respectively, could delight gold buyers before challenging double tops of $1,834. Overall, gold prices remain bearish but $1,717 will be a tough nut to crack for sellers.
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