$XAU On October 1st, I wish my great motherland peace and prosperity, with the people living in abundance and the country growing strong!
Last year's National Day saw gold prices surge over 40 yuan per gram in 8 days — that kind of market is rare and hard to come by. Don’t expect it to be copied this year.
Right now gold is hovering around 4100–4200. Only if it can hold above 4250–4320 dollars can the short term turn strong! Without a trend in the near term, it’s just a back-and-forth shakeout of longs and shorts.
August core PCE cooled, and expectations for an October rate hike were dashed. But if oil prices don’t come down, there may still be another move in December. Friday’s nonfarm payrolls are the next key gate.
The October 28 FOMC meeting is only 6 days away from the midterm elections, so another rate hike would be awkward. The most likely outcome is to hold steady — which is not very bullish for gold, but at least not bearish.
Gold is fundamentally money. Fiat currency can be printed, and the dollar can suppress it, but not over the long term. Since 1971, gold has risen from $35 to this year's high of 5600, a 157-fold increase. After Walsh took office, hawkish expectations drove the price down from 5600 to 4099, and many people got chopped at the bottom.
Bullish in the long run, but respect the short term. High leverage is dynamite; only physical holdings plus low-leverage dollar-cost averaging can keep up with time
The 4120-3950 range had more than 40 days of consolidation before
It is a pretty good support level, and long-term long positions can be positioned ahead of time
Last year's National Day saw gold prices surge over 40 yuan per gram in 8 days — that kind of market is rare and hard to come by. Don’t expect it to be copied this year.
Right now gold is hovering around 4100–4200. Only if it can hold above 4250–4320 dollars can the short term turn strong! Without a trend in the near term, it’s just a back-and-forth shakeout of longs and shorts.
August core PCE cooled, and expectations for an October rate hike were dashed. But if oil prices don’t come down, there may still be another move in December. Friday’s nonfarm payrolls are the next key gate.
The October 28 FOMC meeting is only 6 days away from the midterm elections, so another rate hike would be awkward. The most likely outcome is to hold steady — which is not very bullish for gold, but at least not bearish.
Gold is fundamentally money. Fiat currency can be printed, and the dollar can suppress it, but not over the long term. Since 1971, gold has risen from $35 to this year's high of 5600, a 157-fold increase. After Walsh took office, hawkish expectations drove the price down from 5600 to 4099, and many people got chopped at the bottom.
Bullish in the long run, but respect the short term. High leverage is dynamite; only physical holdings plus low-leverage dollar-cost averaging can keep up with time
The 4120-3950 range had more than 40 days of consolidation before
It is a pretty good support level, and long-term long positions can be positioned ahead of time
