Gold Night Market

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From a macroeconomic perspective, on September 18, 2024, the Federal Reserve announced its first interest rate cut since the epidemic. Since then, the federal funds rate has been reduced by a cumulative 100 basis points, and U.S. bond yields have also dropped accordingly. Taking the 10-year US Treasury bond as an example, its yield hit a nearly five-year high of 4.92% on October 22, 2023, and has now fallen back to 4.24%. This interest rate cut policy has gradually revealed a loose monetary environment, which in turn has been beneficial to the silver and gold markets. In addition, the market's expectations for the Fed's interest rate cut have also fluctuated. Originally, the market expected the Fed to continue to cut interest rates, but the pace of interest rate cuts has slowed down due to faster-than-expected wage growth and lower-than-expected unemployment in January. The US Consumer Price Index (CPI) and Producer Price Index (PPI) reports to be released this week will provide the market with more important information about the trend of US inflation. Gold stabilized and rose around $2,855 today, and gold bulls continued to rise, with the highest point hovering around $2,911. The probability of gold rising in the future is relatively high.
Gold retracement is mostly in the 2885-2880 area, the target is 2900-2911

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