On Wednesday (October 30th), in the Asian morning session, spot gold fluctuated at a high level, currently trading near $2778.5 per ounce. Due to the uncertainty surrounding the Middle East conflict and expectations of a Federal Reserve rate cut, gold's attractiveness has been enhanced. On Tuesday, the gold price hit a historical high of $2775.26 per ounce, closing at $2773.67 per ounce.
A Reuters survey on Tuesday indicated that the upward momentum of gold prices will continue into 2025, driven by favorable U.S. interest rate conditions and geopolitical tensions that continue to enhance gold's appeal. The U.S. ADP employment data and the U.S. Q3 GDP data will be released today, the former being commonly referred to as the "little non-farm" and the latter being a direct reflection of the U.S. economic condition; investors need to pay close attention.
Currently, it is expected that the cumulative interest rate cut for this year's two policy decisions will be 43 basis points, which may indicate that the Fed may pause rate cuts in December.
In the United States, job vacancies in September dropped to a three-and-a-half-year low, but almost all the decline in job vacancies occurred in the southern region, indicating that hurricanes Helen and Milton temporarily suppressed the demand for labor. A report released by the U.S. Department of Labor on Tuesday showed that consumer perceptions of the job market improved significantly in October, helping the consumer confidence index to reach a nine-month high. It is expected that hurricanes and strikes by aerospace industry workers temporarily suppressed employment growth in October. Economists believe that there has been no substantial change in the labor market conditions since the sharp increase in employment positions in September.
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Gold Market Analysis for October 30th:
Gold opened near 2742 yesterday, with a slight rebound and rise in the Asian session, maintaining a small range of fluctuation in the European session, and Laie Sheng's rise after the opening of the U.S. session, with the day's high refreshed to 2775, and the daily line directly collecting a big positive trend. On the daily line, the Bollinger Bands are still diverging upwards, with the K-line temporarily running near the upper track, the MA5 and MA10 moving averages are in an upward diverging state, the MACD energy column is gradually increasing, and the KDJ indicator is in a golden cross. On a larger cycle, today's outlook is still for a lift, continuing to refresh historical highs, and low-long operations can be continued. On a short cycle, the Bollinger Bands are opening upwards, the K-line continues to rebound and rise, the MA5 and MA10 moving averages are still temporarily running upwards, the MACD energy column is gradually shrinking, and the KDJ indicator is in a golden cross. On a short cycle, today's outlook is mainly for a continued rise.
Gold Trading Suggestions for October 30th:
1. Long positions near 2762/2764, stop loss at $6.5, target up to 2775-2788-2804;
2. Long positions near 2743/2745 at any time, stop loss at $6.5, target up to 2754-2765;
3. Short positions near 2804/2806, stop loss at $6.5, target down to 2793-2782.10.30 Silver Market Analysis:
Silver opened near 33.68 yesterday, and the opening price was essentially close to the daily low. During the slow upward trend in the Asian and European sessions, it continued to rebound after the US session opened, directly刷新ing a new high for the day at 34.54. It ended the day with high-level horizontal consolidation, and the daily chart closed with a strong bullish trend. On the daily chart, the Bollinger Bands are opening upwards, with the K-line fluctuating near the upper rail. The MA5 and MA10 moving averages are in an upward divergence. The MACD energy column shows a trend of reduction, and the KDJ indicator forms a golden cross. On the larger daily cycle, today's outlook is bullish, with a focus on continued upward movement. On a shorter cycle, the Bollinger Bands are temporarily opening upwards, with the K-line rebounding consecutively. The MA5 and MA10 moving averages are still in an upward trend. The MACD energy column is expanding, and the KDJ indicator forms a golden cross. The short-term outlook remains strong, and it is advisable to go long at lower levels.
10.30 Silver Trading Suggestions:
1. Go long near 34/34.23, with a stop loss at 33.82, and target 34.63—35—35.42;
2. At any time, test and go long near 33.62/33.78, with a stop loss at 33.42, and target 34.38—35;
3. Go short near 35.54/35.67, with a stop loss at 35.85, and target 35—34.45.
10.30 Crude Oil Market Analysis:
Crude oil opened near 68 yesterday. It experienced a slight downward trend in the Asian session, and began to rebound and rise in the European session. After challenging the daily high pressure level at 68.5, it started to decline. In the US session, it refreshed the daily low to 66.7 before closing with a slight rebound, and the daily chart closed with a small bearish trend. On the daily chart, the Bollinger Bands show a trend of opening downwards, with the K-line temporarily fluctuating near the lower rail. The MA5 and MA10 moving averages are turning downwards from high levels. The MACD energy column is gradually reducing, and the KDJ indicator forms a golden cross. On the larger daily cycle, today's outlook is still for a bottoming and rebounding trend, with a focus on long positions and a continued bullish outlook. On a shorter cycle, the Bollinger Bands are flat, with the K-line moving back and forth between the upper and lower rails. The MA5 and MA10 moving averages are currently starting to flatten near the middle rail. The MACD energy column is expanding, and the KDJ indicator forms a golden cross. On the short-term outlook, it is expected to bottom and rebound, with a focus on a bullish trend for today.
10.30 Crude Oil Trading Suggestions:
1. Go long near 66.8/67, with a stop loss at 66, and target 68.5—70—72.2. At any given moment, consider going long near 65.4/65.6, with a stop loss at 64.3, and aim for a target range of 67-68.8;
3. When testing the resistance level near 70.5/70.7, consider going short with a stop loss at 71.6, and aim for a target range of 69-68.
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