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Weekly Summary (6/9/2022)

Last Friday (September 2), the spot gold price rebounded after the release of the US non-farm payroll data, rebounding from the lowest level of 1688 in more than a month to close at US$1711.4/oz. Recently, the price of gold has continued to decline due to the high US dollar index. The Chicago Stock Exchange data shows that the daily trading volume of gold has remained below 200,000 in the past month, showing a lack of upward momentum.

On Monday (September 5), the price of gold remained rampant around 1712 throughout the day, indicating that market support was insufficient, and further rebound depends on the Fed's guidance on raising interest rates and whether the US dollar index will fall back shortly.

The market should be on the sidelines before Thursday this week, and the price of gold may have a chance to fall back to a low of 1681. The current price trend is not yet clear. According to the current market, the price this week is mainly concentrated in the 1681-1740 range.

Technical analysis:

Since last week, the price of gold has continued to decline, mainly showing a downward trend, with the lowest falling to 1688. The downward trend is relatively smooth and the momentum is strong. The price rebounded on Friday night, rebounded to 1711, and turned to stabilize the situation. The current price is at 1710, showing a slight downward trend. The intraday 5-day SMA and 10-day SMA rebounded across the 20-day SMA in the 4-hour chart, and the rebound trend may be maintained if the pattern persists. However, the daily chart shows that the decline is not over, and there is a chance to fall back to the next major support level at 1681.

Important information this week:

Wednesday: 17:00 European GDP

Thursday: 19:45 European rate meeting

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