Workers Are Still Striking Totally, Global Gold & Antam Gold Shoot!

Jakarta, CNBC Indonesia – The world gold price and Antam’s gold price are still not reflecting a stable movement because they have continued to fall and rise since the beginning of this week amid global and domestic sentiment. Even so, the price was still at a high level,

Based on Refinitiv data, pThe world gold price moved up and down earlier this week, before ending up 0.75% to US $ 1,912.89 / troy ounce. The US dollar index, which fell 0.35 percent on Monday, was the trigger for the strengthening of world gold.

On Tuesday (6/10/2020), at 16:33 WIB, gold was still stagnant at the level of US $ 1,912.86 / troy ounce, although previously it had dropped to US $ 1,905.7 / troy ounce.

On Tuesday night’s trading at 22.12 WIB, spot gold price was based on data from Kitco moving between US $ 1,910-1,911 / troy ounce.

The US dollar hit a double strike from the improvement sentiment of market players, as well as expectations of a liquid fiscal stimulus.

The health condition of US President Donald Trump, who improved after being infected with the corona virus became the trigger the improvement sentiment of market participants.

When the sentiment of market players improves, investors tend to flow the investment to risky assets, the US dollar becomes unattractive.

Meanwhile, if the fiscal stimulus in the US is liquid, the money supply will increase and the value of the US dollar will decrease. This stimulus also had an effect on various assets, the US dollar weakened, stocks strengthened, and gold also shot up.

Fiscal stimulus, as well as monetary stimulus, is the “fuel” for gold to accelerate this year.

Technical Analysis

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Technically, the US $ 1,900 / troy ounce level will still be the key to gold movement this week, and long term.

Gold prices were previously under pressure after breaking the lower limit of the Descending Triangle pattern (red line) at US $ 1,900 / troy ounce on Tuesday (22/9/2020) last week. The day after that, gold immediately declined.

The Descending Triangle pattern is formed on the daily chart. The lower limit of this pattern is in the range of US $ 1,900 / troy ounce, while the highest point is at US $ 2,072. So that the width of the Descending Triangle (yellow line) pattern is US $ 172.

Foto: Refinitiv

Thus, if it returns below US $ 1,900 / troy ounce, gold is still at risk of falling with a target of US $ 172 / troy ounce decline from that limit, which is US $ 1,728 / troy ounce for the medium term.

This Descending Triangle pattern will fail if gold returns above US $ 1,900, which means it is entering a consolidation phase again.

In order to strengthen further and open up opportunities for another record high, gold needs to pass average 50-day movement (Moving Average / MA 50) which becomes resistance (green area) is in the range of US $ 1,945 to US $ 1,970 / troy ounce.

While the MA 100 in the US $ 1,850 range will still be support (lower limit) closest, if penetrated the opportunity for gold to score another record in the rest of this year will be closed, gold is risky towards US $ 1,728 / troy ounce.

Antam Gold

From Homeland, price gold bars produced by PT Aneka Tambang (Antam) Tbk. or what is known as gold Antam also rose again in trading on Tuesday (6/10/2020), even though it was thin again.

The world gold price which returned to above US $ 1,900 / troy ounce raised the gold price Antam.

Launching data from the official website precious belongs to Antam, the price of 1 gram of gold bullion today priced IDR 1,017,000 / stick increased IDR 2,000 or 0.2% compared to Monday’s price.

Meanwhile, the 100 gram unit which is usually used as a reference rose 0.21% to IDR 95,912,000 / stick or IDR 959,120 / gram.

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Antam's Gold 6 October 2020Photo: Antam’s Gold, 6 October 2020
Antam’s Gold 6 October 2020

From within, Financial market players have also observed a national strike of around 2 million workers for 3 days.

In a press statement, representatives of labor organizations stated that the national strike would begin Tuesday to Thursday in protest he passed Labor Copyright Act (Ciptaker) by the DPR last Monday.


[Gambas:Video CNBC]

(bag bag)


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