Life only has a direction, not a fixed path. Along this direction, one must traverse many different roads, including broad avenues and narrow paths, some winding, some muddy, and even with pitfalls and abysses. Perhaps in the end, we may not achieve our ideals, but we cannot sit idly by because of this. As long as we keep moving, there will never be a dead end; what truly leads us to despair is our own heart.
On Thursday (October 24th), spot gold in the Asian market fluctuated narrowly, currently trading near $2719 per ounce. After setting a historical high on Wednesday, the gold price fell by more than 1%, closing at $2715.33 per ounce, as a stronger US dollar and rising US Treasury yields offset the support from safe-haven demand related to the Middle East war.
From September to early October, there was almost no change in US economic activity, with a slight increase in corporate hiring, continuing the recent trend, which reinforced expectations that the Federal Reserve will opt for a smaller rate cut of 25 basis points in two weeks. The latest survey of the economic health by the Federal Reserve also showed that inflationary pressures continued to ease, and the increase in input prices was generally faster than that of sales prices, eroding corporate profit margins.
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The Federal Reserve stated in the "Beige Book" survey on Wednesday: "Overall, since early September, economic activity has remained unchanged in almost all regions, but two regions reported moderate growth." The survey polled business contacts at 12 regional banks, with the survey period ending on October 11th. "Despite increasing uncertainty, contacts are slightly more optimistic about the long-term outlook." Amid growing concerns about the labor market, the Federal Reserve initiated an easing cycle last month, significantly lowering the policy rate by half a percentage point to the range of 4.75%-5.00%. The Federal Reserve raised rates by 525 basis points in 2022 and 2023 to curb high inflation. Since then, a series of stronger-than-expected consumer spending, employment growth, and inflation economic data have led investors to reduce bets on the speed and magnitude of rate cuts.
10.24 Gold Market Analysis:
Gold opened near 2748 in the previous trading day, slightly fell in the Asian session, then began to rise slowly, refreshed the historical high to 2758 in the European session, and then started to fall. After the US session opened, it continued to fall, refreshed the intraday low to 2709, and closed with low-level consolidation, collecting a large bearish trend on the daily chart. On the daily chart, the Bollinger Bands are opening upwards, with K-line at a high-level falling trend, MA5 and MA10 moving averages continuing to diverge upwards from the middle track, MACD energy column gradually shrinking, and KDJ indicator forming a golden cross. On the daily chart, the large cycle shows a high-level correction, and today is expected to see a trend of falling first and then rising, with support positions for long positions, looking for a rebound, and continuing to rise today. On the short cycle, the Bollinger Bands are opening downwards, with K-line falling, MA5 and MA10 moving averages starting to turn downwards from high levels, MACD energy column expanding, and KDJ indicator forming a death cross. On the short cycle, the high-level pressure is still expected to be探底回升, with strong support positions for long positions today, and the main trend is to continue to rise.
10.24 Gold Trading Suggestions:
1. Long positions near 2710/2712, stop loss at $6.5, target to rise to 2735-2750-2768.2. At any moment, consider going long near 2700/2702, with a stop loss at $6.5, aiming for 2715–2738;
3. Near 2768/2770, consider going short, with a stop loss at $6.5, aiming for 2756–2742;
4. If the market changes, further advice will be given, please stay tuned;
10.24 Silver Market Analysis:
Silver opened near 34.85 yesterday, which was essentially the high point of the day. It maintained a high-level consolidation trend during the Asian session, began a slow decline during the European session, continued the downward trend after the US session opened, and closed after hitting a new intraday low near 33.42, with a significant bearish trend on the daily chart. On the daily chart, the Bollinger Bands are still opening upwards, with the K-line rising and falling. The MA5 and MA10 moving averages are diverging upwards at the middle track. The MACD energy column is gradually increasing, and the KDJ indicator shows a golden cross. The daily high-level pullback indicates an overall upward trend, with today's pullback support still being a low buy, continuing to look for an upward trend, and operating with a low buy. On a short-term basis, the Bollinger Bands are opening downwards, with the K-line rebounding upwards at the lower track. The MA5 and MA10 moving averages are temporarily moving downwards, the MACD energy column is temporarily reducing, and the KDJ indicator shows a golden cross. On a short-term basis, today's outlook is bullish, with a focus on low buys.
10.24 Silver Trading Suggestions:
1. Near 33.52/33.68, consider going long, with a stop loss at 33.33, aiming for 34.25–34.86–35.43;
2. At any time, consider going long near 33/33.24, with a stop loss at 32.83, aiming for 33.78–34.53.3. Short position near 34.84/35, stop loss at 35.25, target down to 34.33-33.85;
4. In case of market changes, further advice will be provided, please stay tuned;
10.24 Crude Oil Market Analysis:
Crude oil opened near 71.35 yesterday, with a slight rebound in the Asian session to refresh the daily high to the pressure level near 71.7, and then began to decline. The European session saw a downward trend, followed by a rebound in the American session and another decline, with the end of the day maintaining a low-level consolidation trend, resulting in a long lower shadow small bearish trend on the daily chart. On the daily chart, the Bollinger Bands are in a state of contraction, with the K-line rebounding from a low position and rising. The MA5 and MA10 moving averages are currently showing signs of horizontal movement near the middle track. The MACD energy column is gradually decreasing, and the KDJ indicator is forming a golden cross. On a larger daily cycle, today's outlook is still for a bottoming and rebounding trend, with strong support below, looking for a rise. Today's outlook is for an upward movement. On a shorter cycle, the Bollinger Bands are flat, with the K-line maintaining a rebound from the lower track support. The MA5 and MA10 moving averages are showing a trend of turning upward from a low position. The MACD energy column is gradually increasing, and the KDJ indicator is forming a golden cross. On a shorter cycle, today's outlook continues to be for a bottoming and rebounding upward trend.
10.24 Crude Oil Trading Suggestions:
1. Long position near 70.4/70.6, stop loss at 69.4, target up to 72-73.8-75;
2. At any time, test long position near 68.8/69, stop loss at 68, target up to 70.2-73;
3. Short position near 74.5/74.7, stop loss at 75.6, target down to 73.2-71.4. In case of market changes, further advice will be provided; please stay tuned.
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