Gold surged higher early Thursday, with prices holding above the 5- and 10-day moving averages. This rebound is driven in part by safe-haven buying ahead of the midterm elections, and in part by a bottoming-out and recovery after a prolonged decline.
After two months of sustained choppy trading to the downside, prices broke below the July low, fully shaking out bullish sentiment before a long bullish candle quickly drove prices higher. The pullback in crude oil from elevated levels, combined with markets scaling back expectations for a December rate hike, also helped fuel the gold rebound.
However, the closely watched nonfarm payrolls report is due today, and market trading is cautious. The Fed's monetary policy has not shifted toward easing. For bulls to sustain this move, they will need repeated confirmation from the data and must wait for the July low to be confirmed as a bottom, forming a head-and-shoulders bottom pattern.
Overnight trading has already shown signs of weakness, so the short-term bias in the early session is to look for a pullback.
Trading suggestion: Sell around 4100–4120 on a rebound, targeting 4080$AAPLB $NVDAB #币安将恢复更多资产提现 #币安安全事件恢复进展：98%被盗资产已回填
After two months of sustained choppy trading to the downside, prices broke below the July low, fully shaking out bullish sentiment before a long bullish candle quickly drove prices higher. The pullback in crude oil from elevated levels, combined with markets scaling back expectations for a December rate hike, also helped fuel the gold rebound.
However, the closely watched nonfarm payrolls report is due today, and market trading is cautious. The Fed's monetary policy has not shifted toward easing. For bulls to sustain this move, they will need repeated confirmation from the data and must wait for the July low to be confirmed as a bottom, forming a head-and-shoulders bottom pattern.
Overnight trading has already shown signs of weakness, so the short-term bias in the early session is to look for a pullback.
Trading suggestion: Sell around 4100–4120 on a rebound, targeting 4080$AAPLB $NVDAB #币安将恢复更多资产提现 #币安安全事件恢复进展：98%被盗资产已回填
