Wednesday Market Analysis and Signals
Spot gold fluctuated in a narrow range in early Asian trading on Wednesday, currently trading at $2,659/oz, holding on to most of yesterday's gains. Gold prices jumped more than 1% on Tuesday, hitting an intraday high of $2,673, up nearly $30 from Monday's close, helped by safe-haven demand, as Iran launched 200 ballistic missiles at Israel, escalating market concerns about a full-scale war in the Middle East.
The White House characterized the attack as a major escalation. Iran said it did not warn the United States in advance, and the U.S. and Israeli forces negotiated their next move. Technical analysis warns that downside risks to gold prices remain, although RSI momentum favors buyers. If Iran attacks Israel, gold will also rise as the possibility of a larger war between the two arch-enemies increases.
The market will closely watch this week's U.S. labor data and speeches by Fed officials for more hints on the Fed's policy stance. Investors need to pay close attention to the change in U.S. ADP employment in September, which will be released this trading day, as the market currently expects ADP to add 120,000 jobs, compared with 99,000 in the previous month. In addition, pay attention to the speeches of Fed officials.
[Technical aspects]
Gold formed a sharp rise and tested the 2672/73 pressure to form a high and fall. The daily line once again stood above the MA7/10 daily moving average, and the four-hour moving average golden cross price stood on the middle track of the Bollinger band. Yesterday's Middle East situation triggered risk aversion. Today's market heavy data ADP, the previous value was 99,000, and the current market estimated value was 120,000. According to the expected value, it is bearish for gold and silver. The intraday gold range is mainly wide-ranging fluctuations, and the 2678/2648 range layout is short-term participation!
Asian market trading strategy:
2645-2648 long, stop loss 2636, target 2670-2680;
2675-2678 short, stop loss 2686, target 2650-2640;
The White House characterized the attack as a major escalation. Iran said it did not warn the United States in advance, and the U.S. and Israeli forces negotiated their next move. Technical analysis warns that downside risks to gold prices remain, although RSI momentum favors buyers. If Iran attacks Israel, gold will also rise as the possibility of a larger war between the two arch-enemies increases.
The market will closely watch this week's U.S. labor data and speeches by Fed officials for more hints on the Fed's policy stance. Investors need to pay close attention to the change in U.S. ADP employment in September, which will be released this trading day, as the market currently expects ADP to add 120,000 jobs, compared with 99,000 in the previous month. In addition, pay attention to the speeches of Fed officials.
[Technical aspects]
Gold formed a sharp rise and tested the 2672/73 pressure to form a high and fall. The daily line once again stood above the MA7/10 daily moving average, and the four-hour moving average golden cross price stood on the middle track of the Bollinger band. Yesterday's Middle East situation triggered risk aversion. Today's market heavy data ADP, the previous value was 99,000, and the current market estimated value was 120,000. According to the expected value, it is bearish for gold and silver. The intraday gold range is mainly wide-ranging fluctuations, and the 2678/2648 range layout is short-term participation!
Asian market trading strategy:
2645-2648 long, stop loss 2636, target 2670-2680;
2675-2678 short, stop loss 2686, target 2650-2640;
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