• Contact
  • Privacy Policy
  • Advertise With Us
  • Login
  • Register
Your Trading Edge Magazine
Advertisement
  • Home
  • Feature
    • Market Commentary
    • Expert Advice
    • Columns
  • Trading
    • Shares and Trading
    • Technical Analysis
    • Trading Mindset
  • Crypto News
  • Finance
  • Subscribe
No Result
View All Result
  • Home
  • Feature
    • Market Commentary
    • Expert Advice
    • Columns
  • Trading
    • Shares and Trading
    • Technical Analysis
    • Trading Mindset
  • Crypto News
  • Finance
  • Subscribe
No Result
View All Result
Your Trading Edge Magazine
No Result
View All Result

Gold price to remain under pressure in 2021

October 13, 2021
in Trading
Reading Time: 3 mins read
A A
0
Gold price to remain under pressure in 2021
0
SHARES
6
VIEWS
ShareShareShareShareShare

Gold underperformance in 2021 is set to continue for the rest of the trading year. Prologis and Morgan Stanley report quarterly earnings this week.

Gold price underperformed in 2021, pressured by a stronger dollar and the potential uptick in real yields as the Fed prepares to remove the monetary stimulus. Currently, the price of gold has reached support in the $1,700 area and resistance at the $1,800 level, unable to break either of the two.

European and American stock market indices moved in tight ranges recently. In Europe, the German Dax index is slightly up today, trading close to 15,150 points, while the FTSE 100 index in the United Kingdom trades above 7,100 points, down by about 0.2% on the day. 

The U.S. futures point to a flat opening today, and thus tight ranges are expected to remain in place at least until the September CPI data and the FOMC Minutes are out later in the trading day.

Economic Events to Consider Today

Today, it is all about the U.S. inflation data for September and the FOMC Meeting Minutes. The market participants expect the U.S. inflation to rise by 0.3% in September, and the Core CPI, which does not include energy and food prices, to rise by 0.2%, but the risks are tilted to the upside.

A few hours later, the FOMC Meeting Minutes will give traders more clues about the Fed’s intentions regarding the tapering of its asset purchases. Given the tight ranges in the stock market recently, it became clear that the tapering of the asset purchases is the main event for the rest of the year, and any news on this front may move financial markets.

Today’s Markets to Watch

Today’s markets to watch are gold, Morgan Stanley, and Prologis.

Gold Price

Gold price tries to carve out a bottom, and we can spot a possible pennant formation in the makings. A close above $1,780 may trigger more upside because traders will try for the pattern’s measured move, which hints at $1,820 and beyond. Also, such a move breaks the lower lows and lower highs series, attracting even more buyers.

Morgan Stanley

Morgan Stanley reports its Q3 FY2021 earnings tomorrow, and the stock price struggles at the $100 level lately. The price action here was bullish for the entire year, making new higher highs and higher lows and holding inside a rising channel. A drop below $90 will invalidate the bullish conditions, while a daily close above $110 would likely trigger more strength.

Prologis

Prologis is another company that reports its quarterly earnings this week, and the stock price was rejected at $140 recently. A drop below $120 would invalidate the bullish conditions, while a move above $140 would likely trigger more strength.

Winners and Losers

The dollar index reached a new high this week, while the Japanese yen keeps declining. Oil remains strong, trading above $80.

Credit: Source link

ShareTweetSendPinShare
Previous Post

Plans to Launch Its Own Marketplace

Next Post

Goldman Sachs stock price outperforms ahead of the quarterly earnings

Related Posts

Coinbase-Backed DeSo Unveils MegaSwap, a “Stripe for Crypto” product, with Over $5 Million in Volume
Trading

Coinbase-Backed DeSo Unveils MegaSwap, a “Stripe for Crypto” product, with Over $5 Million in Volume

February 8, 2023
2
Solana’s price prediction bearish while Metacade’s a bull
Trading

Solana’s price prediction bearish while Metacade’s a bull

February 7, 2023
3
Porto Itapoá Acquires New Scanner for Inspecting Containers
Trading

Porto Itapoá Acquires New Scanner for Inspecting Containers

February 7, 2023
4
How IoT Is Brightening Your Future
Trading

Cellular IoT Module Market: Thriving Business for Multiple End-use Industries

February 7, 2023
6
1099 or W-2, What is Better for Truck Drivers?
Trading

1099 or W-2, What is Better for Truck Drivers?

February 7, 2023
4
Next Post
Goldman Sachs stock price outperforms ahead of the quarterly earnings

Goldman Sachs stock price outperforms ahead of the quarterly earnings

Recommended

The 10 Most Important Web Design Advice for Your Website in 2022

7 Ways to Improve Page Load Speed

January 9, 2023
6
Hong Kong to only allow investing in highly liquid virtual assets

Hong Kong to only allow investing in highly liquid virtual assets

January 12, 2023
6
What we’re watching on the ground at the World Economic Forum

What we’re watching on the ground at the World Economic Forum

January 16, 2023
3
Solo Bitcoin Miner with only 10 TH/s beating market giants

Solo Bitcoin Miner with only 10 TH/s beating market giants

January 24, 2023
5
CFTC commits to regulating crypto products that are not securities

CFTC commits to regulating crypto products that are not securities

February 4, 2023
4
Your Trading Edge Magazine

This is an online news portal that aims to share the latest news about trade, finance, crypto and much more. Feel free to get in touch with us!

What’s New Here!

  • Coinbase-Backed DeSo Unveils MegaSwap, a “Stripe for Crypto” product, with Over $5 Million in Volume
  • 2023 will be the birth for IOTA 2.0 and the launch of a groundbreaking new blockchain era
  • Turkish watchdog stretches rules and allows crypto wallets to collect aid

Subscribe Now

Loading
  • Contact
  • Privacy Policy
  • Advertise With Us

© 2021 - ytemagazine.com - All rights reserved!

No Result
View All Result
  • Home
  • Feature
    • Market Commentary
    • Expert Advice
    • Columns
  • Trading
    • Shares and Trading
    • Technical Analysis
    • Trading Mindset
  • Crypto News
  • Finance
  • Subscribe

© 2021 - ytemagazine.com - All rights reserved!

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?