Gold fluctuates downward and shorts profit
Updated
The minutes of the Federal Reserve's September monetary policy meeting revealed deeper divisions at the Fed. Although only one person, Fed Governor Bowman, voted against the decision, the minutes showed that there were more divisions among policymakers than the nearly unanimous decision would indicate. The Fed cut its benchmark policy rate by 50 basis points in the minutes of its September 17-18 meeting, which noted that the pace of future rate cuts would not be determined by an initial large rate cut. Powell encountered some resistance in pushing the Fed to make a decision to cut interest rates by 50 basis points, as more than one of his colleagues advocated only a 25 basis point cut in interest rates. However, geopolitical tensions remain, helping gold prices to stay above the 2,600 mark. Investors now await the US Consumer Price Index (CPI) data to be released on Thursday to further understand the interest rate outlook. Now, traders' attention shifts to the US CPI data to be released on Thursday. The market estimates that inflation will continue to decline. However, if inflation is higher than expected, this will open the door for the Fed to pause its easing cycle. In addition, the number of initial jobless claims in the United States will also be released on this trading day, and investors also need to pay attention to it; in addition, continue to pay attention to the speeches of Federal Reserve officials and news related to the geopolitical situation.
Gold technical analysis: Gold fell again yesterday, and the daily line is currently 6 consecutive negatives. It ran below 2620 for most of the trading day yesterday. Overall, it fell below the 20-day moving average, and the 5-day moving average is currently running below the 10-day moving average. The moving average diverges downward, and we continue to maintain a short position. Today, Thursday, the US CPI data was released. While gold remains bearish, it needs to pay attention to the support below. It is expected that the market will have a short-term directional choice. Why do I say that? The daily chart shows that the current short-term trend line is just around the 2600 mark; the market has fallen from 2685, and it has fallen by basically 80 US dollars. Whether it will continue to fall further, or stop falling and rebound and then fall again, it is expected that there will be a result today.
In terms of short-term gold operation ideas today, Jin Shengfu recommends shorting on rebounds and long on pullbacks. The short-term focus on the upper side is the 2622-2624 line of resistance, and the short-term focus on the lower side is the 2600-2604 line of support.
Gold technical analysis: Gold fell again yesterday, and the daily line is currently 6 consecutive negatives. It ran below 2620 for most of the trading day yesterday. Overall, it fell below the 20-day moving average, and the 5-day moving average is currently running below the 10-day moving average. The moving average diverges downward, and we continue to maintain a short position. Today, Thursday, the US CPI data was released. While gold remains bearish, it needs to pay attention to the support below. It is expected that the market will have a short-term directional choice. Why do I say that? The daily chart shows that the current short-term trend line is just around the 2600 mark; the market has fallen from 2685, and it has fallen by basically 80 US dollars. Whether it will continue to fall further, or stop falling and rebound and then fall again, it is expected that there will be a result today.
In terms of short-term gold operation ideas today, Jin Shengfu recommends shorting on rebounds and long on pullbacks. The short-term focus on the upper side is the 2622-2624 line of resistance, and the short-term focus on the lower side is the 2600-2604 line of support.
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Today we focus on the first resistance level of gold at 2624 and continue to short gold
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