At the end of the month line, the gold price has to deal with American inflation!

(Data pictures are for reference only)

Today's 8.31 seems very ordinary, but for us, it is the end of the month line. Since August, gold has been in a downward trend. Until the end of August, gold prices began to rise after getting rid of the shock and fall. At present, it has risen to the top of 1940, which is an empty water division. In the short term, it has kept rising.

Yesterday, the bullish overweight of the two major data made the gold price rise by only ten dollars. In a short period of time, the buying was excessive, and the upward movement was limited. This can be seen from the high adjustment of the quotation.

Looking back at last night's small non farm ADP and the revised value of GDP in the second quarter, everything was too perfect for gold bulls. The number of small non farm employment declined, showing the downward trend of employment. The downward revision of GDP by 0.3% put pressure on the bond market, thus supporting the gold price.

Today, the market will welcome the US PCE inflation data. Beware of the rebound of inflation, which will bring pressure on gold. The short-term structure is still in a high adjustment.

Gold 1 hour chart:

The pulling power of gold is still a little insufficient. From the perspective of the one hour structure of gold, after the bottom was created in 1884, gold continued to break through the pressure of 1903, then refreshed the high point of 1923 and stepped back, and then rose again through 1923-1925 to the current high point of 1948. The whole structure is a ladder upward. However, at present, the upward rhythm has slowed down, the macd index golden fork has formed, and the rsi has retreated from the overbought stage, limiting the continuous rise of gold. Therefore, in the short term, we are not going to continue to see where gold can rise, but this period of pullback.

PCE inflation data this evening, if US inflation cools down, then further strengthen the expectation that the Federal Reserve will suspend interest rate hikes. If inflation continues to rise, then the market will resume the expectation that the Federal Reserve will raise interest rates by more than 25 points and maintain high interest rates for a long time, thus providing a reason for the gold adjustment.

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