GOLD: Recover or Retest?
Hello everyone! Today i want to share some macro analysis with you!
1.
Gold trading reminder: two big negative pressures, gold prices plunged to a new low of more than two weeks, focus on the Fed meeting minutes! $Gold - main 2412(GCmain)$ $XAU/USD(XAUUSD.FOREX)$
Wednesday (October 9) Asian morning trading, spot gold narrow range oscillation, currently trading at 2616. gold prices fell more than 1% in Tuesday's session, the lowest intraday hit 2604.68, a new low since September 20, closed at $ 2621.76, the recent U.S. jobs data hit the expectation of a more substantial interest rate cuts, and in the efforts to reach a cease-fire in support of the Hezbollah, the market on the Middle East may erupt Concerns over a full-scale war cooled, also weakening safe-haven buying of gold.
However, the market is waiting for the minutes of the Federal Reserve's latest policy meeting for fresh signals. Although the technical picture shows that there is still a risk of further retracement in the short term, the prospect of interest rate cuts by most of the world's central banks still attracts on-the-run buying to support gold prices.
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