Gold Market News Analysis:

On Monday (September 30th), spot gold fluctuated in a narrow range in early Asian trading, currently trading near $2662.36 per ounce. Gold prices fell 0.5% on Friday, and some longs took profit after the release of U.S. PCE data, dragging down gold prices. As the United States began to implement loose monetary policy, which boosted the attractiveness of non-yielding gold, gold prices repeatedly hit record highs in recent trading days, and the weekly line still closed up, recording three consecutive negatives, and the third quarter is poised to become the best performing quarter in more than eight years. In addition, the escalation of the Middle East conflict also provided safe-haven support for gold prices.

U.S. gold futures settled down 0.9% at $2,668.1 on Friday. Gold, a traditional hedge against geopolitical and economic uncertainty, has gained about 14% this quarter, its strongest performance since the first quarter of 2016, and about 28% this year, its biggest gain in 14 years. However, it needs to be reminded that today is the last trading day of September and also the last trading day of the third quarter. We still need to be wary of the possibility of abnormal market fluctuations caused by traders' position adjustments. The September jobs report due this week will provide more clues on the extent to which borrowing costs will be reduced in the future.

The U.S. non-farm payrolls report for September will be released this week, which needs to be focused on. Pay close attention to news related to the geopolitical situation, pay attention to the performance of global stock markets and changes in risk aversion. Focus on Fed Chairman Powell's speech at the National Association for Business Economics.

Gold Technical Analysis:

From the weekly chart of spot gold, with the favorable Fed rate cut policy, gold prices continue to maintain a strong trend and have repeatedly refreshed historical highs, indicating that the long side has a clear advantage. Although there was a pullback in the closing phase of the week, it still recorded an upper shadow and a positive line. At this stage, the short-term moving average group shows a long arrangement, but it should be noted that there is a certain distance from the current stage, and it cannot be ruled out that there is still room for adjustment.

Overall, the idea of gold's short-term operation today is to focus on rebounding and shorting, supplemented by callbacks and longs. The key resistance above is 2665-2667, and the key support below is 2620-2622.

Gold resistance levels: 2670, 2675, 2680, 2690

Gold support levels: 2630, 2640, 2655, 2650

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