Huang Lichen: The market awaits the non-agricultural data, gold still rises above 1700
In the Asian market on Friday 7 October, the international gold trend has fluctuated within a narrow range: the price of gold opened at $ 1,712 in the morning, the low fell to $ 1,708 and the highest rose to $ 1,713. It is currently trading around $ 1,712. Gold continued to fall on Thursday, but the decline was limited. The price of gold remained stable above the $ 1,700 threshold, maintaining a range-bound order. The fluctuation of silver was consistent with that of gold. The price of silver held above the $ 20 mark and the trend range was narrowed.
The focus of the intraday market was mainly on rising US nonfarm payroll data in the evening. Investors were hoping to get the latest clues on the US economy, which led to few fluctuations in the price of gold during the day. . at the beginning of the big gains, if there is no accident, gold is expected to rise for the second consecutive week.
As for the non-farm data in the evening, the market currently expects 250,000 new jobs, less than the previous value of 315,000, and the expected unemployment rate is 3.7%, equal to the previous value. Strong signals are in favor for the Fed to maintain its aggressive monetary policy.
Gold began to lose momentum to continue its rally after its rally was stalled on Tuesday as one of the main drivers behind the rise in gold prices, the dollar and US bond yields, stopped falling. and rebounded in the last few trading days, pressure on gold prices rebounded. Fed officials delivered a series of hawkish speeches on Thursday, most notably:
Waller said there is no reason to slow down the pace of policy tightening and continue raising interest rates early next year; Cook argued that inflation in the US is still stubborn and unacceptably high and that interest rate hikes must continue to ensure a decline in inflation; Evans He said that current inflation is high and that a more restrictive monetary policy is needed; Kashkari said the Fed still has a lot of work to do to reduce inflation and is still a long way from putting aggressive interest rate hikes on hold. The Fed’s determination to fight inflation strengthened the dollar and put pressure on gold prices.
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On the daily chart, after gold rose near the upper mark of the Bollinger Bands, it met resistance and began to swing. The price of gold held steady at $ 1,700. The MACD indicator held steady. divergence of the gold fork and approached the zero axis Short-term trend was still up, but the gold price of the KDJ indicator entered After the overbought area, it started to veer down and the gold fork of the RSI indicator turned bearish, indicating that after the price of gold rose sharply in a short period of time, a trend adjustment was needed. On the 4-hour chart, the price of gold has swung sideways and the Bollinger band has narrowed dramatically. Gold price is expected to stay in a tight range and await the release of non-farm data in the evening.
Gold intraday reference: the low is about the support of $ 1,700 and the high is about the resistance of $ 1,730.
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After silver bottomed out and rebounded on Wednesday, the price of silver remained above the $ 20 mark, maintaining a range-bound order, and the trend showed signs of tightening as the market was on hold. of the release of the non-farm data, trading tended to be conservative and the 5-day moving average was up. The Bollinger Bands are bullish and the short-term trend in silver prices is still dominated by many parts. On the indicators shown in the figure, after the MACD indicator crosses the zero axis, the gold price keeps the gold price diverging. However, after the KDJ indicator has entered the overbought area, the uptrend of the gold fork slows down and the RSI The uptrend of the golden fork indicator has slowed, indicating that after the price of the gold fork ‘silver rose sharply this week, there is a demand for short-term adjustment.
Silver intraday reference: The low is focused on the support at $ 20.50, followed by the support at $ 20.30, and the resistance at $ 21.00 on the top, followed by the resistance at $ 21.30.
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