October 2 market news: Federal Reserve's Kashkari stated that although recent data showed inflation below economists' expectations, rising prices remain a concern.
Kashkari said: "The inflation rate is still too high. There are many different ways to measure inflation, but it is currently around 3%. Inflation has been elevated for more than 5 years. I don't think the latest inflation data has significantly changed this situation."
Kashkari also noted that other economic data released on Wednesday, including consumer spending and GDP figures, showed the U.S. economy is "resilient."
Regarding interest rates, Kashkari said frankly: "My expectation is one more rate hike this year and another in 2027. Fed rate hikes may not have a major impact on investment by hyperscale cloud computing companies. The recent rise in bond yields is a global phenomenon."
U.S. August core PCE inflation data unexpectedly came in below expectations, but Fed officials intensively released hawkish signals, reiterating the need to suppress inflation.
Attention is on Friday's nonfarm payrolls data and its impact.
Spot Gold (London Gold): On the technical side, yesterday's daily chart closed with a small bearish candle, with the Bollinger Bands opening. The KDJ indicator is in a dead cross with volume expanding and is about to turn to form a golden cross, while the MACD fast line is below the slow line but the green energy bars are gradually converging.
At present, the major trend remains biased upward, while the medium-term maintains a phased downward trend. On the short-term 4-hour chart, the Bollinger Bands are narrowing, and the price is about to choose a new direction. The KDJ indicator is about to form a golden cross, and the MACD fast line is above the slow line but the red energy bars are gradually converging.
On the hourly chart, the Bollinger Bands are narrowing, and the price is about to choose a new direction. The KDJ indicator is about to form a golden cross, and the MACD fast and slow lines are intertwined and about to choose a direction.
Short-term prices pulled back as expected. At present, the short term is focused on the rebound situation. On the downside, support is watched at 4153/4139/4113, while on the upside, resistance is watched at 4195/4235/4254.
Spot Silver (London Silver): The major trend is broad-range consolidation, with a phased downward trend in the medium term. Short-term prices pulled back as expected. At present, the short term is focused on the rebound situation, with upside attention at 62.4/64.2 and downside attention at 59.1/56.5.
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