US market analysis
Analysis from the main influencing factors of the market, the following aspects have a great impact on the market price trend.
First of all, in September, U.S. employment continued to grow at a steady but more moderate rate, and the unemployment rate also declined, indicating that the labor market is still tight and so far has shown strong resilience to the sharp hike of the Federal Reserve's rate hike. While there are some signs that labor demand is slowing, many employers are still short of staff and continue to recruit at a steady pace. This strong momentum not only supports consumer spending, but also drives wage growth as businesses compete for limited labor resources. The employment report shows that the average hourly wage increased by 0.3% from August and 5% from the same period last year. This suggests that the Fed will have to continue hikes as its goal is to curb rapid wage growth.
- One of the Fed’s biggest concerns is the rise in wages triggered by tight labor markets, and higher wages may make inflation harder to control. Hourly wages rose 10 cents in September to $32.46. The Fed is expected to continue hikes until inflation begins to drop rapidly and the imbalance between too few jobs and too many job openings are alleviated. High interest rates will also increase the borrowing costs of buying high-priced goods such as cars, thereby curbing consumer spending. Furthermore, the biggest question is whether the United States will fall into a second recession in four years. Many economists believe this is inevitable. Dan North, senior economist at Allianz Trading North America, said there is now quite convincing evidence that the United States is heading for recession.
Tonight's gold price rebounded again after being under pressure due to data; silver prices also rebounded under support; US WTI crude oil continued to fluctuate and rebound after being supported, with room for medium-term rise.
Technical analysis
Spot gold
Gold price today's price fluctuates and pulls back from the high point of 1715 above; 1-hour technical indicator MACD dead cross sticks; it is recommended to focus on the support of the 1690 line below in the future. If this support is effective, gold will continue to rise to the 1730 line. On the contrary, if this support is effectively fall below by , it may fall to a new low again in the future.
intraday trading strategy:
long order: try to go long near 1690, stop loss 1690, target around 1715 and 1730.
spot silver
silver price fluctuated and pulled back from the high point of 20.81 to around 20.13; the 1-hour technical indicator MACD fell; it is recommended to focus on the support at the 19.90 line in the future. If this support is effective, gold will continue to rise to the 21.20 line. On the contrary, if this support is effectively broken, it may fall to the previous low again in the future.
intraday trading strategy:
long order: try to go long near 19.90, stop loss at 19.60, target around 20.20 and 20.50.
US crude oil
US crude oil price fluctuates back and forth from the low point of 879; the 1-hour technical indicator MACD golden cross sticks. It is recommended to focus on the support of 84.80 in the early stage. If this support is effective in the future, gold will continue to rise to the 90.00 line. On the contrary, if this support is effectively broken, it may fall to the previous low again in the future.
intraday trading strategy:
short order: try to go long near 84.80, stop loss at 84.00, target around 90.00 and 91.00.
Europe vs. USD
Euro versus USD 0.9816 from the upper high point above 0.9816; the 1-hour technical indicator MACD fell down; the US market recommended to focus on the support at the 0.9720 line in the future. If this support is effective, the euro will continue to be under pressure and hit the previous high of 1.0000 line; on the contrary, if this pressure is supported and effectively falls below, the market will continue to hit the lower low.
intraday trading strategy:
long order: near 0.9720 try to go long, stop loss 0.9680, target around 0.9920 and 1.0000.
USD versus Japanese Yen
USD versus Japanese Yen fluctuated and rebounded from the low point of 144.52 below; the one-hour indicator MACD golden cross stuck together, and the US market focused on the pressure at the 145.30 line above. If the price rebounds to this pressure near this pressure, it can be considered to try short on the light position.
intraday trading strategy:
short order: near 145.30 Try short , stop loss 145.80, target around 143.90 and 143.40.
