Gold rebounded weakly, and it is still in a bearish trend. Gold broke down yesterday and then fluctuated at a low level, but the trend is still bearish. The rebound is an opportunity for bears. Before today's NFP data, continue to rebound and sell first! Before the market reverses, the rebound is an opportunity to sell. Today is the key to whether the market will turn around. If gold cannot fall below 3200 today, then gold bulls may launch a counterattack!
Gold's 1-hour moving average continues to cross downward, showing a short position. Gold still has room to move downward. Gold has broken through 3244, so gold should pay attention to the resistance near the last low of 3260. Today's NFP is also an important date for the market to turn. If it rises sharply today, then the current round of gold adjustment may be temporarily over, and the upward trend will continue in the later period.
Key points:
First support: 3223, second support: 3210, third support: 3192
First resistance: 3251, second resistance: 3262, third resistance: 3280
Operation ideas:
Buy: 3205-3210, SL: 3196, TP: 3230-3240;
Sell: 3255-3260, SL: 3270, TP: 3240-3230;
Gold's 1-hour moving average continues to cross downward, showing a short position. Gold still has room to move downward. Gold has broken through 3244, so gold should pay attention to the resistance near the last low of 3260. Today's NFP is also an important date for the market to turn. If it rises sharply today, then the current round of gold adjustment may be temporarily over, and the upward trend will continue in the later period.
Key points:
First support: 3223, second support: 3210, third support: 3192
First resistance: 3251, second resistance: 3262, third resistance: 3280
Operation ideas:
Buy: 3205-3210, SL: 3196, TP: 3230-3240;
Sell: 3255-3260, SL: 3270, TP: 3240-3230;
Trade active
The previous value of non-agricultural employment was 228,000, and the market estimate for this period was only 130,000. According to the market estimate, it will stimulate the rise of gold and silver. However, it should be noted that if the actual value is greater than the expected value of 130,000, but the actual value is between the previous value and the estimate, the probability of a decline first and then rise or a high-rise fall is high. Technically, the daily structure of gold remains in a fluctuating downward pattern. Yesterday, the K-line of the daily chart closed with a long lower shadow. After testing the 3200 mark below, the support at this position is strong. The resistance of the 3288 line above and the daily MA10/7-day moving average dead cross opening downward suppress 3300/3320 respectively.Summary: No matter how the actual value of non-agricultural data is released today, gold will rise and then fall back to wash the market, or start to fall directly. Therefore, do not chase long positions at high prices, so the risk of buying today is greater than the risk of selling.
I personally think that the market will continue to fall back to 3200 or lower today or next week. I only pay attention to major news releases, but I don't trade. Welcome to share your views📉
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🥇My free Telegram group(Updated daily):
t.me/JungoldAnalyst
✅Contact me
t.me/JunCopytrader
t.me/JungoldAnalyst
✅Contact me
t.me/JunCopytrader
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.