On Friday, stronger-than-expected U.S. non-farm data showed that tariff uncertainty has not yet hit the U.S. job market, prompting traders to reduce bets on an impending rate cut. However, although the non-farm data was relatively solid, it failed to reverse the overall weakness of U.S. economic data last week. In addition, there was some optimism about tariffs in the market. The dollar index eventually closed down 0.15% at 100.03 that day; the offshore renminbi rose above the 7.21 mark against the U.S. dollar, up nearly 700 basis points during the day.
U.S. Treasury yields rebounded for the second consecutive day, with the benchmark 10-year Treasury yield closing at 4.314%; the two-year Treasury yield, which is more sensitive to monetary policy, closed at 3.832%.
Gold's safe-haven appeal has weakened due to strong U.S. employment data and progress in international trade negotiations. Spot gold closed near the flat plate, barely holding the $3,240 mark
From the daily performance of gold, gold started to bottom out and rebound overnight, and finally closed above the middle track of the Bollinger Band. Then the market rebounded and continued to rise. Although the Asian session fell back and tested around 3227, it finally held the support level. The MACD technical indicator showed a dead cross downward. Although the selling was dominant, it was difficult to change the potential of the short-term market rebound.
From the perspective of gold in 4 hours, the market lows are constantly rising, and the highs are also refreshed. Buying is still the mainstream in the short term. The MACD technical indicator began to show a golden cross upward. The upper suppression level focuses on the vicinity of 3273-3278, and the short-term support focuses on the support near 3235-3228. It is still not recommended to sell in short-term trading. Last Friday was also an important date for the market to have a turning point. If gold starts to rise from the bottom, then this round of adjustment may also be temporarily over.
Overall, the short-term operation strategy for gold today is to buy on pullbacks and sell on rebounds. The short-term focus on the upper side is 3280-3290 resistance, and the short-term focus on the lower side is 3240-3235 support.
Buy in the range: 3240-3238, SL: 3228, TP: 3260-3270
Sell in the range: 3280-3282, SL: 3292, TP: 3250-3260
Key points:
First support: 3240, second support: 3230, third support: 3220
First resistance: 3280, second resistance: 3290, third resistance: 3300
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U.S. Treasury yields rebounded for the second consecutive day, with the benchmark 10-year Treasury yield closing at 4.314%; the two-year Treasury yield, which is more sensitive to monetary policy, closed at 3.832%.
Gold's safe-haven appeal has weakened due to strong U.S. employment data and progress in international trade negotiations. Spot gold closed near the flat plate, barely holding the $3,240 mark
From the daily performance of gold, gold started to bottom out and rebound overnight, and finally closed above the middle track of the Bollinger Band. Then the market rebounded and continued to rise. Although the Asian session fell back and tested around 3227, it finally held the support level. The MACD technical indicator showed a dead cross downward. Although the selling was dominant, it was difficult to change the potential of the short-term market rebound.
From the perspective of gold in 4 hours, the market lows are constantly rising, and the highs are also refreshed. Buying is still the mainstream in the short term. The MACD technical indicator began to show a golden cross upward. The upper suppression level focuses on the vicinity of 3273-3278, and the short-term support focuses on the support near 3235-3228. It is still not recommended to sell in short-term trading. Last Friday was also an important date for the market to have a turning point. If gold starts to rise from the bottom, then this round of adjustment may also be temporarily over.
Overall, the short-term operation strategy for gold today is to buy on pullbacks and sell on rebounds. The short-term focus on the upper side is 3280-3290 resistance, and the short-term focus on the lower side is 3240-3235 support.
Buy in the range: 3240-3238, SL: 3228, TP: 3260-3270
Sell in the range: 3280-3282, SL: 3292, TP: 3250-3260
Key points:
First support: 3240, second support: 3230, third support: 3220
First resistance: 3280, second resistance: 3290, third resistance: 3300
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Note
Gold has risen strongly again today for risk aversion, breaking the shock, but gold has basically not pulled back, so gold is likely to release risk aversion directly, and then gold will start to adjust again, so it is not suitable to chase it at this position now, or wait patiently for the opportunity to fall back, gold may rise and fall at any time, and the current price of 3315 in the European session is directly short!Gold's 1-hour moving average began to turn, so the unilateral decline of gold has temporarily come to an end, but the rise of gold has reached the key resistance area in the early stage, that is, the starting and falling position of 3320 in the early stage, so it is obviously not suitable to chase more at this position, so the short-term may begin to adjust, and gold will be shorted at 3315 in the European session.
The market changes rapidly, and gold breaks upward without falling back, so there is no opportunity to go long, so there is no need to chase more gold, and go short first to see the decline and adjustment.
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✅Daily analysis and strategies
✅ Free Signals check out my Telegram group: t.me/GoldenView_analysis
✅ Free Signals check out my Telegram group: t.me/GoldenView_analysis
Related publications
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.