Weekly

Last week, the market continued to chase the gold market, except that the global market began to loosen monetary policy, which was conducive to the development of gold prices; The tense situation in the Middle East and the approach of the US election have also made the funds dock in gold, a fund refuge. At the beginning of the week, the price of gold fluctuated and rose until it rose to 2758 in the early part of Wednesday, hitting a record high for five consecutive trading days.

However, due to the resistance line of the rising track, the gold price retreated and turned to consolidation, but the gold price remained strong and maintained above $2,700. Although it has been reported that the United States and Israel restarted the Gaza talks, the situation warmed up again over the weekend, which shows that the risk sentiment in the Middle East is still quite high, the situation is not stable, and the gold price is approaching 2750 before the weekend.

Looking forward to this week, I believe that the US general election and the situation in the Middle East will still support the role of gold price as a fund refuge. Another key point is the labor market data, including ADP on Wednesday and unemployment rate and non-agriculture on Friday. Last month, non-agriculture was unexpectedly strong, which reduced the market's expectation of a sharp interest rate cut. Whether it can be maintained this month will be the focus of the market. The market situation is a bit different, so let's refer to each other.