Monday Market Analysis and Signals
Updated
Gold fluctuated in a narrow range in the Asian market on Monday, now around 2497. Gold prices rose and fell last Friday, because the number of new non-agricultural jobs was lower than expected. Gold prices hit a three-week high of around 2529, approaching the historical high, but soon gave up the gains because the unemployment rate fell and the Fed's "No. 3" did not send a signal of a 50 basis point interest rate cut to the market, which made the market doubt the extent of the Fed's interest rate cut later this month.
The lower-than-expected employment growth in August, in addition to the reduction in job vacancies indicating weakening demand, may also reflect a seasonal anomaly, that is, August employment growth is often lower than consensus expectations at first, and will be revised upward later. Affected by the decline in new jobs and Waller's speech, the US 10-year Treasury yield fell last Friday, hitting a 15-month low in volatile trading earlier in the session, which still provides some support for gold.
This week will usher in the US August CPI data, investors need to focus on the performance of the data and pay attention to changes in market expectations. This week will also usher in the European Central Bank's interest rate decision, which investors also need to pay attention to. The vast majority of economists expect the European Central Bank to cut interest rates by 25 basis points at its meeting on September 12, and cut interest rates again in December. This may provide some support for gold prices, as rate cuts will reduce the cost of holding gold.
[Technical aspects]
Technically, the daily line fell again, and the weekly and daily RSI indicators still remained above the central axis. Secondly, the moving average system did not appear to cross and open downward. Overall, gold continued to fluctuate widely at high levels at the beginning of this week. In terms of operation, high-altitude is the main focus, and low-long is only short-term participation at this high level. Be careful of gold diving at any time.
Trading strategy:
2478-2480 long, stop loss 2468, target 2500-2510;
2512-2514 short, stop loss 2519, target 2490-2480;
Check out my profile for more free sharing and profits.
The lower-than-expected employment growth in August, in addition to the reduction in job vacancies indicating weakening demand, may also reflect a seasonal anomaly, that is, August employment growth is often lower than consensus expectations at first, and will be revised upward later. Affected by the decline in new jobs and Waller's speech, the US 10-year Treasury yield fell last Friday, hitting a 15-month low in volatile trading earlier in the session, which still provides some support for gold.
This week will usher in the US August CPI data, investors need to focus on the performance of the data and pay attention to changes in market expectations. This week will also usher in the European Central Bank's interest rate decision, which investors also need to pay attention to. The vast majority of economists expect the European Central Bank to cut interest rates by 25 basis points at its meeting on September 12, and cut interest rates again in December. This may provide some support for gold prices, as rate cuts will reduce the cost of holding gold.
[Technical aspects]
Technically, the daily line fell again, and the weekly and daily RSI indicators still remained above the central axis. Secondly, the moving average system did not appear to cross and open downward. Overall, gold continued to fluctuate widely at high levels at the beginning of this week. In terms of operation, high-altitude is the main focus, and low-long is only short-term participation at this high level. Be careful of gold diving at any time.
Trading strategy:
2478-2480 long, stop loss 2468, target 2500-2510;
2512-2514 short, stop loss 2519, target 2490-2480;
Check out my profile for more free sharing and profits.
Trade active
Enter the market early to profit, feel free to check my work Trade active
Today's profit is good, continue to pay attention to the selling range I shared in the morning. Feel free to check out my work 
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