According to the information recently revealed, the Federal Reserve, the European Central Bank and other central banks have ended their expectations of raising interest rates, which has brought heavy pressure to the dollar index while boosting the U.S. dollar index, but has brought new development opportunities to the market such as the U.S. dollar.
Judging from the weekly line alone, the spot **last week** was nearly $70, an increase of more than 3%, and once touched 2075 on FridayThe high of $35 is 2081 from the record high set on May 4 this year$95 is just one step away.
Yesterday the Asian market opened, ** bulls in a bang, Asian market morning, gold prices once soared to 2176$58 an ounce, a record high, and then ** back, gold quickly fell back below 2060, with intraday fluctuations close to $90.
In fact, it has been achieved for two consecutive months, and the tense geopolitical relationship has boosted the market's safe-haven demand, and the increasing expectation of interest rate cuts has also provided further support. On Friday, Fed Chairman Jerome Powell was cautious about raising interest rates, claiming that monetary policy was clearly slowing economic growth as expected and that overnight rates were "in restrictive territory."
Following his speech, the survey showed that US interest rates** priced in a 64% chance of a rate cut in March next year, up from 43% last Thursday. The odds of a Fed rate cut in May have also soared to 90% from about 76% last Thursday.
Although it surged more than 3% at the start of trading on Monday to refresh to an all-time high above $2,130 an ounce, it has since given up most of its gains. The focus will be on Friday's non-farm payrolls report, where the US economy is expected to create 1850,000 jobs, while the unemployment rate is expected to remain at 39% unchanged.
Technically, the Relative Strength Index (RSI) on the daily chart is extremely overbought, but the downside in gold seems to be limited. Intraday ** pushed gold prices back down to 23., which began with the rally at the November lows6% Fibonacci retracement below. The RSI on the daily chart shows an extremely overbought condition, preventing bulls from making new bets around ***.