The trend of gold to advance and then suppress reveals the struggle between two groups of forces in the current pricing mechanism. The upward force came from political clean-up in the midterm elections. The Democratic Party's sweep of both houses meant that the room for fiscal expansion was narrowed, the risk of the US-Iran conflict escalated was reduced, and the yield on the US dollar and US bonds fell simultaneously, providing a window for gold to return to interest-sensitive purchases. However, the downward suppression came from the “renewed interest rate hike narrative” brought about by non-agricultural workers, and employment data that exceeded expectations completely overturned the “labor market is cooling down” narrative. Raising the probability of interest rate hikes in December to 80% means that gold will continue to face suppression by the Federal Reserve's hawkish narrative until the December FOMC. Furthermore, the deeper contradiction is that while the midterm elections gave Walsh greater policy autonomy and strengthened the Fed's determination to raise interest rates in December, the hawkish narrative is expected to continue for a longer period of time in the future, which makes gold continue to rise and open up room for an upward trend full of great variables. Therefore, from a comprehensive perspective, it is unlikely that capital will continue to bet that the price of gold will rise unilaterally. The end of the year may not have been smooth sailing, and the price is more likely to slowly fluctuate upward step by step.

The trend of gold to advance and then suppress reveals the struggle between two groups of forces in the current pricing mechanism. The upward force came from political clean-up in the midterm elections. The Democratic Party's sweep of both houses meant that the room for fiscal expansion was narrowed, the risk of the US-Iran conflict escalated was reduced, and the yield on the US dollar and US bonds fell simultaneously, providing a window for gold to return to interest-sensitive purchases. However, the downward suppression came from the “renewed interest rate hike narrative” brought about by non-agricultural workers, and employment data that exceeded expectations completely overturned the “labor market is cooling down” narrative. Raising the probability of interest rate hikes in December to 80% means that gold will continue to face suppression by the Federal Reserve's hawkish narrative until the December FOMC. Furthermore, the deeper contradiction is that while the midterm elections gave Walsh greater policy autonomy and strengthened the Fed's determination to raise interest rates in December, the hawkish narrative is expected to continue for a longer period of time in the future, which makes gold continue to rise and open up room for an upward trend full of great variables. Therefore, from a comprehensive perspective, it is unlikely that capital will continue to bet that the price of gold will rise unilaterally. The end of the year may not have been smooth sailing, and the price is more likely to slowly fluctuate upward step by step.