Sudden gold market situation! Gold price plunges $10 in the short term. FXStreet's chief analyst provides a technical analysis of the gold price outlook.
On Tuesday during the Asian market session, spot gold quickly fell from near $2648 per ounce to trade again near $2638 per ounce. According to FXStreet's chief analyst Valeria Bednarik, if the gold price effectively breaks below the $2638 per ounce level, the gold price may continue to decline.
Gold Nears Record High But Faces Pressure From Strong US Jobs Data
Israeli airstrikes on Iran sparked market trends! After a short-term surge in gold prices, how to trade gold?
On Tuesday's early Asian session, gold and crude oil markets suddenly experienced fluctuations. There were rumors of an Israeli airstrike on Iran, causing spot gold to briefly approach $2650 per ounce, while WTI crude oil also rose rapidly by 1%. However, upon verification, as of now, there is no confirmation of this from mainstream media or reliable sources. A few minutes later, the increase in gold price was wiped out, and the price fell back to around $2643 per ounce.
"Strong non-farm" data dispelled expectations of a significant rate cut by the Federal Reserve, causing the gold price to retreat from its record top reversal.
With the US employment data stronger than expected, traders lowered their expectations of a rate cut by the Federal Reserve, causing the gold price to fall.
GLD ETF Falls 0.3%
SPDR Gold ETF Options Spot-On: On October 7th, 153.28K Contracts Were Traded, With 2.9 Million Open Interest
On October 7th ET, $SPDR Gold ETF(GLD.US)$ had active options trading, with a total trading volume of 153.28K options for the day, of which put options accounted for 54.91% of the total transactions,