There is no stop in life, reality is just a starting point. If you cherish your feathers too much, you will not be able to have a pair of wings~
Time comes to the end of the week, and the gold price maintains a strong stage during the week. During the phase, the US dollar mark has approached the $1,730 mark since 1660. The factors that prompted the rise of gold, on the one hand, the dollar index fell, triggering a rise in gold prices, and on the other hand, the expectations of US economic recession supported the weak gold price.
Although Feder officials have sent hawkish signals, the suppression of gold is relatively weak, and it feels like gold is a bit "resistant". Last night, Fed officials emphasized the need to further raise interest rates at and expect a rate hike at the beginning of next year. The employment report is not enough to change the Fed's view that 100% focus on reducing inflation.
What a hawkish speech, but its impact on gold is minimal, mainly because the market will release the US non-farm employment data and unemployment rate for September tonight. Currently, the market expects that the U.S. non-farm employment population will record 250,000, down from the previous value of 315,000. The unemployment rate remained flat at 3.7%.
According to the correlation of the data, if the data reveals signs of economic weakness, it may prompt the Fed to slow down the pace of rate hikes. But I think the weakness in employment data may be what the Fed wants to see, because it will affect wage growth.
Decline in salary growth will reduce people's purchasing power in disguise. If purchasing power declines, merchants may sell at a price, which will also alleviate the pressure of inflation. Therefore, whether the employment data is strong or not will not change the pace of the Federal Reserve's tightening and easing, which will continue to impose negative behavior on gold in the medium and long term.
Given that gold did not test to 1734 yesterday, it ushered in a short decline, I think we still need to pay attention to this price today, because this price is 0.618, which fell to 1807 and 1615, according to the trend correction market, 0.618 will become the turning point of the stage, which will make gold strongly suppress.
The expected decline of pure technology should still be anchored near 1688, so I think gold can continue to short to when it rises to 1734, and once the price falls to 1688, you can also go long in the short term. It depends on the impact of the data tonight. I tend to rise first and then fall! Just participate in the protection and planning yourself!
