Analysis of gold price trend on Friday
Updated
In the Asian market on Friday, spot gold fluctuated in a narrow range and is currently trading around 2450. London gold prices rose and fell after the US dollar continued to rebound on Thursday. Earlier in the session, it hit a two-week high of 2462 due to expectations of a rate cut in September and safe-haven demand. The market focus is now shifting to the US non-farm payrolls data to be released this Friday.
Weak economic data and dovish remarks made by Federal Reserve Chairman Powell in the previous trading day have consolidated market expectations that the Federal Reserve will eventually cut interest rates next month, and the market's budget for a 50 basis point rate cut in September has warmed up. U.S. Treasury yields continued to fall sharply on Thursday, hitting a new low in nearly half a year, helping international gold prices to hit a nearly two-week high of $2462 during Thursday's session.
In addition to the non-farm payrolls report, investors need to continue to pay attention to news related to the geopolitical situation and the US election this trading day.
[Technical side]
On the technical side of gold, the daily chart trend is still upward, but the short-term surge to the upper line and the weekly upper line are suppressed. Whether it can break through the upper line today depends on the guidance of non-agricultural employment. If it is still a surge and fall trend as expected, the market will continue to adjust at the four-hour level. At present, the four-hour level is severely oversold. Although the market has been corrected repeatedly, the strength of the decline after each surge is obviously accelerating. Before the data is released, the intraday shock idea is to sell high and buy low in the 2430-2460 range.
Trading strategy:
2428-2431 long, stop loss 2419, target 2450-2460;
2453-2455 short, stop loss 2464, target 2430-2420;
Weak economic data and dovish remarks made by Federal Reserve Chairman Powell in the previous trading day have consolidated market expectations that the Federal Reserve will eventually cut interest rates next month, and the market's budget for a 50 basis point rate cut in September has warmed up. U.S. Treasury yields continued to fall sharply on Thursday, hitting a new low in nearly half a year, helping international gold prices to hit a nearly two-week high of $2462 during Thursday's session.
In addition to the non-farm payrolls report, investors need to continue to pay attention to news related to the geopolitical situation and the US election this trading day.
[Technical side]
On the technical side of gold, the daily chart trend is still upward, but the short-term surge to the upper line and the weekly upper line are suppressed. Whether it can break through the upper line today depends on the guidance of non-agricultural employment. If it is still a surge and fall trend as expected, the market will continue to adjust at the four-hour level. At present, the four-hour level is severely oversold. Although the market has been corrected repeatedly, the strength of the decline after each surge is obviously accelerating. Before the data is released, the intraday shock idea is to sell high and buy low in the 2430-2460 range.
Trading strategy:
2428-2431 long, stop loss 2419, target 2450-2460;
2453-2455 short, stop loss 2464, target 2430-2420;
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