Friday Market Analysis and Signals
Gold rose slightly in early Asian trading on Friday and is currently trading around $2,661 an ounce. Gold prices held steady on Thursday as safe-haven demand from escalating tensions in the Middle East offset pressure from a stronger dollar. The dollar index rose to a nearly six-week high as investors downplayed expectations of another sharp rate cut by the Federal Reserve due to strong U.S. economic data. Gold prices fell to 2,637 during trading on Thursday, but then rebounded to 2,662 on safe-haven buying!
The dollar strengthened and gold fell after stronger-than-expected U.S. ISM data was released. Gold prices rose as concerns about the conflict between Israel and Iran increased. U.S. President Biden publicly stated that he discussed the issue of attacking Iranian oil facilities with Israeli officials. Gold prices rose above 2,650 after the above remarks.
On Friday, investors will usher in the non-farm payrolls report. The United States is expected to add 140,000 jobs in September, slightly lower than the 142,000 jobs created in August, and the unemployment rate is expected to remain unchanged. According to the expected value, the data difference is small and has little impact. It depends on the actual value published.
[Technical aspect]
The technical hourly chart, four-hour chart and daily chart prices are above the moving average and the middle track of the Bollinger band, and above the middle axis of the RSI indicator, forming a biased double head closing. Gold continues to fluctuate. It is safer to operate at key positions as much as possible. The 2638/4260 support area and the 2663 range resistance are generally strong. We still have a strong idea of oscillation. Try to find opportunities to go long.
Asian market trading strategy:
2640-2643 long, stop loss 2632, target 2660-2670;
2663-2665 short, stop loss 2674, target 2630-2640;
The dollar strengthened and gold fell after stronger-than-expected U.S. ISM data was released. Gold prices rose as concerns about the conflict between Israel and Iran increased. U.S. President Biden publicly stated that he discussed the issue of attacking Iranian oil facilities with Israeli officials. Gold prices rose above 2,650 after the above remarks.
On Friday, investors will usher in the non-farm payrolls report. The United States is expected to add 140,000 jobs in September, slightly lower than the 142,000 jobs created in August, and the unemployment rate is expected to remain unchanged. According to the expected value, the data difference is small and has little impact. It depends on the actual value published.
[Technical aspect]
The technical hourly chart, four-hour chart and daily chart prices are above the moving average and the middle track of the Bollinger band, and above the middle axis of the RSI indicator, forming a biased double head closing. Gold continues to fluctuate. It is safer to operate at key positions as much as possible. The 2638/4260 support area and the 2663 range resistance are generally strong. We still have a strong idea of oscillation. Try to find opportunities to go long.
Asian market trading strategy:
2640-2643 long, stop loss 2632, target 2660-2670;
2663-2665 short, stop loss 2674, target 2630-2640;
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