Gold Market Trend Analysis:
Gold News Analysis: On Tuesday (October 8th), during the US market session, spot gold suddenly dropped sharply from the level around $2,652 per ounce, touching a low of $2,604.74 per ounce, and is currently trading near $2,612.56 per ounce. The international gold price slightly declined, mainly due to the strength of the US dollar. Market participants are waiting for the minutes of the Federal Reserve's last meeting and economic data to gain further insights into the trend of US interest rates. As of the time of writing, spot gold continues the momentum of the previous days' fluctuating decline, currently slightly lower below $2,610, after having closed lower for four consecutive trading days.
The US Dollar Index hovers near a seven-week high, increasing the cost for holders of other currencies to buy gold. Meanwhile, the yield on the US benchmark 10-year Treasury note has exceeded 4% for the first time in two months. Traders have significantly altered their expectations for the Federal Reserve to ease monetary policy this year. The strong employment report released last week has bolstered confidence in Federal Reserve Chairman Jerome Powell's statement. Powell has indicated that the Federal Reserve will adhere to a consistent interest rate cut of 0.25 percentage points, following a large-scale rate cut in September that initiated an easing cycle.
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Gold Technical Analysis: The gold daily chart once again closed with a large bearish candlestick pattern, directly suppressed by the short-term moving averages. The strong support level at the lower end of the previous range has been breached, and the short-term is also entering a retracement phase. The 4-hour gold moving averages are turning downward more significantly, indicating a significant opportunity for the bears. The high points of the 4-hour rebound are successively lower, with multiple top structures at higher levels, and the moving average resistance is also near $2,652. The one-hour chart has now opened up new space, and it is expected that the $2,600 level will not hold, with gold still having some room to move downward. Whether it is a retracement correction for the bulls or the start of a bearish trend, since the previous support level has been effectively broken, further confirmation is needed to establish a medium-term trend. The key defensive range to focus on below is around $2,600, which is also the support level of the daily midline and the trend level since the rise from $2,471.
In summary, for today's gold short-term operation, Wan Qian suggests that the main approach should be to sell on rallies and buy on dips. The upper short-term focus should be on the resistance line at 2630-2625, and the lower short-term focus should be on the support line at 2600-2603.
Silver Market Trend Analysis:
The silver market opened yesterday at the position of 31.674 and then the market first fell to 31.253 before quickly rising. The daily high touched 31.768 before the market fluctuated and fell all the way, with the daily low reaching 30.106 before the market rebounded at the end of the day. The daily line finally closed at 30.658. For short-term operations, focus on the resistance at 31.5 and the support at 30.1. Short-term trading can take place within this range, selling high and buying low.It seems like you want me to translate a text into English. However, you haven't provided any text to translate. Please provide the text you want me to translate, and I'll be happy to help you.