IC Markets Global: Daily market analysis(2023-12-05)

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This post was finally written by ICMarkets to 2023-12-7 17:35 edit

The stock market's decline is accompanied by a large amount of data,goldSharp decline after reaching a new high

Yesterday, the US stock market experienced a decline, with investors eyeing the upcoming release of a large amount of data, while gold quickly fell after reaching a historic high. The Big Three in the United Statesstock market indexEnding four consecutive trading days of gains, the Dow Jones index fell0.11%And Standard&Poor's500The decline in the index and NASDAQ index is more pronounced, with respective declines0.54%and0.84%. At the same time, the US treasury bond bond yield and the US dollar rebounded from multi month lows,10The yield of one-year treasury bond bonds rose4Basis points,2The annual period has increased7The US dollar index rose by one basis point at the close of the day0.5%. Gold, on the other hand, experienced drastic fluctuations, with its price skyrocketing to around2135The historical high of the US dollar followed by a rapid decline, with the closing price falling back to around2020USD level.

Gold plummeted sharply after hitting a historic high

Due to Federal Reserve Chairman Jerome-Powell's more dovish remarks continue to put pressure on the US dollar, with gold soaring to new highs and then falling sharply for the rest of the day, ultimately falling back from historical highs 100 Multiple dollars, which shocked gold traders at the end of yesterday's trading day. The initial rise crossing the previous historical peak has the classic characteristics of traditional stop loss operations, with the market continuing to operate at high levels over the weekend. However, in the first trading day of the new week, low liquidity exaggerates this upward momentum. The initial sharp fluctuations quickly corrected and quickly fell back to slightly above per ounce2085The level of the US dollar, but the subsequent overall appreciation of the US dollar further hit the stopped loss positions, causing gold to fall again65USD, closing price slightly higher than per ounce2025US dollars. Traders are preparing for more volatility in the upcoming data intensive week, and yesterday's high seems out of reach.

Traders prepare for a busy day

According to the event calendar, yesterday should have been the calmest day of the week's trading, but this is clearly not the case, especially for those holding gold trading positions. But today we are about to start a busy calendar week, and in the Asian session, we are immediately facing a series of important events, first the latest release of the China Caixin Services Purchasing Managers Index, and then the latest interest rate decision from the Bank of Australia. In the European session, there will be a series of final PMI data releases for the service industry, but the events that can truly affect the market are expected to occur in the New York session, where one of the first four employment related data points in the United States this week is the US Department of Labor job vacancy data（JOLTS）, will be compared to the US Department of Labor's Service Industry Purchasing Managers Index（ISM）The data will be released together.