Will Gold Prices Reverse?
Hello everyone, it's Alisa here. Today, let's update the situation of gold together!
The U.S. release of September's job data far exceeding forecasts has shocked the gold market. With 254,000 new jobs created and the unemployment rate dropping, the chances of the Fed easing monetary policy have significantly decreased, pushing gold prices down to $2,615.9 per ounce as the USD index rises.
Looking at the technical chart, gold prices are moving within a descending price channel. With the support level at $2,608, gold has tested this channel and declined further. Increasing selling pressure, along with the continued strengthening of the USD, is putting significant pressure on gold prices. If there are no surprises, gold prices may continue to drop in the short term.
I advise investors to closely monitor market developments and be ready to adjust their investment strategies accordingly.
What do you think will happen to gold prices today?
The U.S. release of September's job data far exceeding forecasts has shocked the gold market. With 254,000 new jobs created and the unemployment rate dropping, the chances of the Fed easing monetary policy have significantly decreased, pushing gold prices down to $2,615.9 per ounce as the USD index rises.
Looking at the technical chart, gold prices are moving within a descending price channel. With the support level at $2,608, gold has tested this channel and declined further. Increasing selling pressure, along with the continued strengthening of the USD, is putting significant pressure on gold prices. If there are no surprises, gold prices may continue to drop in the short term.
I advise investors to closely monitor market developments and be ready to adjust their investment strategies accordingly.
What do you think will happen to gold prices today?
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