During the Asian session on Wednesday (October 4), spot gold fluctuated downward and is currently trading around 1820. U.S. August job openings were posted last night, which were again stronger than expected. The JOLTs employment report is one of the indicators that the Fed is most concerned about, so it also gives the Fed a firmer confidence in maintaining high interest rates for a long time. US Treasury yields also continued to rise, with the 10-year yield rising above 4.8%, up 12.7 bps in a single day, recording a new high in more than 16 years. Two-year US Treasury yield hit as high as 5.156%, up 4.4 bps, still close to a peak over 17 years, which was recorded on September 21. Gold prices continued to retreat, falling as low as 1815 before a rally to 1833. Recently, gold prices have fallen for seven consecutive trading days, breaking the longest losing streak since August 2022, affected by the rise in the US dollar and US Treasury yields. At present, the gold price is close to the February low of 1805. The decline has slowed, with no sign of stopping. Considering the smoother movements of the US dollar, gold prices do not rule out a deeper fall below 1800, or even lower. Short-term traders can still buy low and sell high, but long-term traders should wait patiently for the market to fall further. As the supporting factors of gold prices still exist, the general direction remains unchanged.

Data: US JOLTs job openings reached 9.61 million in August, up nearly 700,000 from July and well above market expectations of 8.8 million.

News: Raphael Bostic, Atlanta Fed President, believed that signs of economic slowdown are still not beyond the Fed's estimates, and said the economy is still adjusting to the impact of the cumulative 5.25% rate hikes since last March. In addition, he claimed that the Fed has no urgency to raise rates again, but rates may stay high for a long time before a rate cut.

Investors today should keep an eye on US non-manufacturing PMI (September), factory orders monthly rate (September), and crude oil inventory data.

Trading at the daily timeframe, gold prices continued to slip yesterday, falling as low as 1815. After gaining support, gold rebounded slightly, but was hindered by the 1833 level, and fell back to oscillate around 1823, eventually closing with a bear candle with long upper and lower shadows. Judging from the strength of the price rebound, there are signs of bears taking profit, but they still dominate the market. The decline in prices has slowed, but there is no sign of stopping, which is still dominated by an oscillating downward pattern. However, after sharp declines, there is a need for a technical rebound after the price is oversold. At the moment, the MACD indicator has also fallen back to the oversold zone, which does not rule out a rapid rebound after falling to an important support level.

Traders can mainly buy low and sell high during the day. If the price retraces to around 1805, you can still go long with small positions in the short term, betting on a rebound. The stop loss is 1800. The first target to take profit is 1833, where you can reduce your positions and move the stop loss to break even, and the second target is 1846. If the price rebounds to around 1833, you can still go short with small positions in the short term. The stop loss is at MA5 around 1837, and the target to take profit is 1805.

Trading Direction: Long

Entry Price: 1805

Target Price: 1835

Stop Loss: 1801

Support: 1815.000/1805.000

Resistance: 1833.000/1846.000