Monday Market Analysis and Signals
Gold prices fluctuated in a narrow range in early Asian trading on Monday and are currently trading around $2,647 per ounce. Gold prices closed slightly lower after a sharp fluctuation last Friday, as a stronger-than-expected US jobs report poured cold water on expectations of aggressive interest rate cuts by the Federal Reserve in November, boosting the dollar to a more than one-and-a-half-month high, and US Treasury yields also rose sharply to a nearly two-month high, overshadowing risk aversion concerns over the tense geopolitical situation in the Middle East.
Last week, gold prices struggled to make decisive moves in either direction as the strength of the US dollar offset the growing safe-haven demand for gold. Developments surrounding the Middle East conflict and US inflation data may drive gold prices this week. On the other hand, if the minutes reflect that policymakers are open to further significant rate cuts when data show a recession or a deteriorating labor market outlook, the dollar may come under pressure and drive gold higher.
This week, global financial markets will usher in a series of major events, with the release of the Federal Reserve minutes, US September inflation data, and the earnings reports of major banks all becoming the focus of investors. US stocks are hovering at high levels, and the future direction depends on the performance of these key data. In addition, the return of the Asia-Pacific market, Tesla's important activities, gold's safe-haven demand and geopolitical risks in oil prices will also play an important role in driving market volatility.
[Technical side]
Gold triangle consolidation, range oscillation. After the release of NFP on Friday, gold fluctuated widely and closed above the middle position of 2650. A wide range of fluctuations was formed in the range of 2670-2630. It is expected to be adjusted in this range at the beginning of the week. Technically, the daily MA10/7-day moving average is glued at the current position of 2653, the four-hour chart Bollinger band closing moving average is glued, and the RSI indicator is adjusted in the middle axis. Gold maintains a wide range of fluctuations. Sell high and buy low in operation!
Asian trading strategy:
2631-2633 long, stop loss 2622, target 2650-2660;
2667-2670 short, stop loss 2679, target 2630-2640;
Last week, gold prices struggled to make decisive moves in either direction as the strength of the US dollar offset the growing safe-haven demand for gold. Developments surrounding the Middle East conflict and US inflation data may drive gold prices this week. On the other hand, if the minutes reflect that policymakers are open to further significant rate cuts when data show a recession or a deteriorating labor market outlook, the dollar may come under pressure and drive gold higher.
This week, global financial markets will usher in a series of major events, with the release of the Federal Reserve minutes, US September inflation data, and the earnings reports of major banks all becoming the focus of investors. US stocks are hovering at high levels, and the future direction depends on the performance of these key data. In addition, the return of the Asia-Pacific market, Tesla's important activities, gold's safe-haven demand and geopolitical risks in oil prices will also play an important role in driving market volatility.
[Technical side]
Gold triangle consolidation, range oscillation. After the release of NFP on Friday, gold fluctuated widely and closed above the middle position of 2650. A wide range of fluctuations was formed in the range of 2670-2630. It is expected to be adjusted in this range at the beginning of the week. Technically, the daily MA10/7-day moving average is glued at the current position of 2653, the four-hour chart Bollinger band closing moving average is glued, and the RSI indicator is adjusted in the middle axis. Gold maintains a wide range of fluctuations. Sell high and buy low in operation!
Asian trading strategy:
2631-2633 long, stop loss 2622, target 2650-2660;
2667-2670 short, stop loss 2679, target 2630-2640;
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