Double Negatives Pressure Gold to Adjust

On Tuesday yesterday,we believed that the market was awaiting the release of the US CPI data for September on Thursday,leading to an increase in caution.Gold maintained a consolidative fluctuation,and thus we advised a fluctuation mindset in operations.Support levels to watch were $2637,followed by $2631 and $2624,while resistance levels were $2650,followed by $2654 and $2660.

Looking at the subsequent trend,gold rebounded to $2648 but encountered resistance,fell back to $2633 and stabilized,rebounded to $2646 but encountered resistance again,fell back to $2628 and stabilized,and then rebounded to $2652 but encountered resistance once more.At this point,the trend remained consolidative,but after the US market opened,gold fluctuated downwards,reaching a low of $2604,a new half-month low.Since then,gold prices have stabilized and rebounded,repeatedly testing the resistance near $2624 but encountering resistance.Currently,it is trading at $2623.Overall,gold broke downward from the fluctuation range during the US session,with support at $2624 turning into short-term pressure,and the trend further corrected.

Wolfinance's star analyst,Huang Lichen,believes that the recent correction in gold is mainly influenced by two factors: First,the Federal Reserve Chairman indicated a slower rate cut,and the subsequently released strong US non-farm data for September supported this view.Second,after Iran fired missiles at Israel,the Middle East tensions did not escalate further,and Hezbollah's first public support for a ceasefire cooled the tensions.

In terms of news,Federal Reserve Chairman Powell earlier indicated a slower rate cut of 25 basis points.The subsequently released US non-farm data for September,with both new employment numbers and the unemployment rate stronger than expected and previous figures,supported this view.The market has essentially ruled out the possibility of a 50 basis point rate cut in November.After Iran fired missiles at Israel,it declared the missile attack over and warned Israel against retaliation.The subsequent lack of escalation in tensions,along with Hezbollah's first public statement on Tuesday not to condition a Gaza ceasefire and support a ceasefire in Lebanon,eased market concerns about the Middle East situation.Additionally,attention should be paid to the Federal Reserve's meeting minutes in the early hours of Thursday,with several Federal Reserve officials scheduled to speak.

On the weekly chart,gold is still operating above the upward trend line since February of this year,with the bulls in control.On the daily chart,after encountering resistance at the historical high,gold's trend has shown a corrective pullback.Current support for gold is mainly focused on the round figure of $2600,where there is still an opportunity to bet on a rebound; the main resistance for gold is the daily Bollinger Band middle rail at $2624,站稳布林带中轨将缓解短期下行压力，有机会继续反弹试探日线5日均线2640美元。5日均线与MACD指标死叉，KDJ与RSI指标死叉，显示黄金在前期大涨后，存在调整需求。

For intraday gold reference: The cooling of expectations for aggressive rate cuts by the Federal Reserve,along with eased concerns over the Middle East situation,has put pressure on gold to adjust.操作建议关注日线布林带中轨在2624美元附近的压制情况，承压将有机会再次试探2600美元整数位置，并可关注金价在2600美元整数位置的反弹机会；突破有机会试探日线5日均线2640美元附近，缓解短期下行压力。