Today on Wednesday (September 28), spot gold fell slightly, and gold maintained a downward trend in the intraday market.price of goldThe $1,625/oz mark rose to maintain a downward trend.
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The US dollar is on the decline, and the global foreign exchange market continues to fluctuate. The US dollar index was once higher than 114.5 yesterday, and the cumulative increase since the beginning of the year has reached 19%. In addition, after the British government announced the most aggressive tax cuts since 1972 last week, Chancellor of the Exchequer Kwarten revealed that further tax cuts could be introduced over the weekend. Investors lost confidence in the pound, which fell as much as 4.7% to $1.035 yesterday..
Without adequate monetary support, the British government’s large-scale fiscal policy loosening, together with the Bank of England’s careful tightening of monetary policy throughout the year, there are currently few “catalysts” that can boost the pound. Even more aggressive policy from the Bank of England may not be enough as investors wait for the Fed to change its tone, which is unlikely to happen anytime soon.
Fiscal stimulus will change the outlook for the UK economy, but not enough to avoid recession. Sterling could fall below $1 in the coming days and weeks, but from a valuation point of view, this is an unsustainable level and when the risk sentiment recedes, the pound will bounce back quickly.
Today’s gold disc has temporarily kept falling in the school for 4 hours. Therefore, continue to choose the school to go short. Continue to cover the idea of every high sky. Among the gold trend day K, the first is the descending channel; the second: the indicator oscillates with a dead fork, and the MACD indicator is a dead fork down. In terms of shape, there is no obvious reversal to the K. line pattern, which is all bearish and down. Therefore, the main bearish bearish is down.
Gold Investment Network
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Responsible editor: Zhang Jingdi
