#黄金Technical analysis#24K99讯 On Friday (11/1), spot gold was weakNon-farm payrolls dataAfter a brief rise, it then fell sharply from a high above $2,760 per ounce, and finally closed down, closing at around $2,736 per ounce.

Spot gold closed down $7.75, or 0.29%, to $2735.88 per ounce on Friday. After the release of the non-agricultural report, the price of gold rose to 2762.25 US dollars/ounce.

(30 minute chart of spot gold source: 24K99)

FXStreet analyst Joaquin Monfort pointed out that during Friday's turbulent trading day, the price of gold eventually fell. After the US non-farm payrolls data was released, the price of gold briefly rose to 2,760 US dollars/ounce. The data showed a new increase in OctoberNumber of people employed in non-agricultural industriesIt was only 0.012 million, far lower than the expected 0.113 million, and lower than the September correction of 0.223 million. Since then, however, the price of gold has dropped to $2,740 per ounce.

Affected by the hurricane and the aerospace factory workers' strike, US non-farm payrolls increased by only 0.012 million in October, the smallest increase since December 2020.

Other data from the Non-Farm Report showed that the unemployment rate remained at 4.1% in October, in line with expectations last month; the average hourly wage rose to 4.0% year-on-year, in line with expectations, higher than 3.9% after the September revision; and hourly wages rose 0.4% month-on-month, higher than the 0.3% forecast and 0.3% after the revision. The average working time also rose to 34.3 hours, higher than the expected 34.2 hours, but the same as the previous data after the upgrade.

Economists expect a 100% chance that the Federal Reserve will cut interest rates by 25 basis points next week, compared to 91% before the agricultural employment data is released.

Monfort believes that the price of gold may have declined after the American Institute of Supply Managers (ISM) released mixed data.

According to the ISM Manufacturing Purchasing Managers' Index (PMI) survey, US manufacturing activity declined in October, from 47.2 in September to 46.5, lower than the forecast of 47.6. However, the inflation-sensitive ISM manufacturing price payment index rose to 54.8 from 48.3 previously in October, higher than the forecast of 48.5.

Monfort pointed out that the rise in the price payment index may be the reason for the fall in the price of gold, as the price increase may reduce the possibility that the Federal Reserve will cut interest rates sharply in the next few meetings.

The US dollar erased the decline in early trading and turned up 0.4%. At the same time, the yield on the benchmark 10-year US Treasury also rebounded from the decline in early trading, which weakened the investment appeal of unsustainable gold.

However, the tense situation in the Middle East helped limit the decline in gold prices.

According to the BBC (BBC), Hezbollah launched a rocket attack in northern Israel, killing 7 people. This was the worst attack in months, breaking hopes for a cease-fire in the Middle East war.

Bob Haberkorn, senior market strategist at RJO Futures, said that the US faced too many risks before the election, and there were also discussions about Iran's retaliatory attack on Israel.

Gold's latest technical analysis

Monfort pointed out that judging from the four-hour gold chart, the price of gold has dropped sharply from Wednesday's high, which may indicate further declines in the future.

On the 4-hour chartRelative strength index(RSI) Momentum indicators also showed a bearish trend that accompanied the recent sell-off. The RSI fell sharply below the 50 mark for the first time since October 10.

Monfort said that if gold pulls back further, the price of gold will find support at the bottom of the 2708-2758 US dollars/ounce range of 2708 US dollars/ounce. However, the overall upward trend is likely to resume eventually.

(Spot gold 4-hour chart source: FXStreet)

Overall, gold maintained a steady upward trend across all time frames (short, medium and long term).

On the upside, Monfort said that if the gold price breaks through the high of 2,790 US dollars/ounce, it may cause the price of gold to move upward to the resistance level of 2,800 US dollars/ounce (integer level and psychological level), then 2,850 US dollars/ounce.