Thursday Market Analysis and Signals
In the early Asian session on Thursday, gold fluctuated in a narrow range and is currently trading around $2,657 per ounce. Gold prices fluctuated slightly on Wednesday. The US ADP employment data for September was stronger than market expectations, helping the US dollar index to record three consecutive daily gains and rise to a nearly three-week high. US Treasury yields also rose. Gold fell to 2,641 during the session on Wednesday, but tensions in the Middle East still provided safe-haven buying support for gold prices, down about 0.18%.
The market will continue to focus on news related to US economic data and the geopolitical situation in the Middle East. After Iran launched a missile attack on Israel on Tuesday, gold prices jumped more than 1%. But the strength of another safe-haven asset, the US dollar, makes gold denominated in US dollars more expensive for investors holding other currencies, further limiting the rise in gold prices.
Currently, traders are waiting for Friday's non-farm payrolls data, while also paying attention to the speeches of Federal Reserve officials for any clues about the policy path. This trading day will also release the changes in the number of initial jobless claims in the United States, the September ISM non-manufacturing PMI in the United States, and the monthly rate of factory orders in the United States in August. Investors need to pay close attention to this, and continue to pay attention to news about the geopolitical situation and expected changes in market non-agricultural data.
[Technical side]
Gold continues to fluctuate around a wide range of adjustments. Yesterday, the 2660/2640 range was repeatedly reshuffled. After a sharp drop to 2641 in the late trading, it stopped falling and stabilized, forming a sharp rebound and pulled up close to the 2660 mark. The daily line is still a red and blue alternating sawing pattern, and the wide range of fluctuations will continue. Pay attention to 2668/2678 on the upper side and 2653/2643 on the lower side. The repeated fluctuations in the range will continue on Thursday. Before a new round of trend trading appears, the short-term layout of the shock idea is the main focus.
Asian market trading strategy:
2645-2648 long, stop loss 2636, target 2670-2680;
2668-2670 short, stop loss 2680, target 2650-2640;
The market will continue to focus on news related to US economic data and the geopolitical situation in the Middle East. After Iran launched a missile attack on Israel on Tuesday, gold prices jumped more than 1%. But the strength of another safe-haven asset, the US dollar, makes gold denominated in US dollars more expensive for investors holding other currencies, further limiting the rise in gold prices.
Currently, traders are waiting for Friday's non-farm payrolls data, while also paying attention to the speeches of Federal Reserve officials for any clues about the policy path. This trading day will also release the changes in the number of initial jobless claims in the United States, the September ISM non-manufacturing PMI in the United States, and the monthly rate of factory orders in the United States in August. Investors need to pay close attention to this, and continue to pay attention to news about the geopolitical situation and expected changes in market non-agricultural data.
[Technical side]
Gold continues to fluctuate around a wide range of adjustments. Yesterday, the 2660/2640 range was repeatedly reshuffled. After a sharp drop to 2641 in the late trading, it stopped falling and stabilized, forming a sharp rebound and pulled up close to the 2660 mark. The daily line is still a red and blue alternating sawing pattern, and the wide range of fluctuations will continue. Pay attention to 2668/2678 on the upper side and 2653/2643 on the lower side. The repeated fluctuations in the range will continue on Thursday. Before a new round of trend trading appears, the short-term layout of the shock idea is the main focus.
Asian market trading strategy:
2645-2648 long, stop loss 2636, target 2670-2680;
2668-2670 short, stop loss 2680, target 2650-2640;
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