Gold fell on last week Friday (Nov 1) on the back of a stronger dollar and stronger US Treasury yields, but limited some of the losses after weak job growth data in the world's largest economy prompted analysts to increase bets on a Federal Reserve rate cut.
Nonfarm payrolls increased 12,000 in October, the smallest gain since December 2020, due to hurricane disruptions and a strike by workers at an aerospace factory. The dollar erased earlier losses to rise 0.4%, while the benchmark 10-year US Treasury yield also rebounded from earlier losses, making non-yielding gold less attractive.
Spot gold fell 0.32% to $2,734.93 an ounce.
Operation suggestion: Gold opened at the beginning of last week in the position of 2736.8 after the market fell first to give the weekly low of 2724.5 after the market quickly pulled up, to last Thursday twice gave a record high of 2790.2 after the market fell strongly, the weekly line finally closed in the position of 2735, the weekly line with an extremely long shooting star shape closed line, After the end of this form, the market has a pullback signal this week, and the point is on.
Trading strategy: short near 2752, stop loss 2757, target 2730-2705.
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