Gold is trading sideways and waiting for the small non-farm data
Updated
https://www.tradingview.com/x/79NUFWLI/
Gold prices closed below 2640 on Tuesday after strong US jobs data suggested the Fed was cautious about rate cuts, while a weaker dollar and lower US Treasury yields limited losses as the market awaited further economic clues. A strong jobs report could lead the Fed to take a cautious stance on rate cuts. Investors' attention will turn to Wednesday's ADP jobs report and a speech by Fed Chairman Jerome Powell before Friday's jobs report.
Risk data warning!
US November ADP employment change data will be released. This data is known as the "small non-agricultural" and is expected to trigger a big market trend.
The US November ISM non-manufacturing purchasing managers' index (PMI) will be released, expected to be 55.5.
St. Louis Fed President Moussalem will give a speech and the Fed will release the Beige Book on economic conditions.
Fed Chairman Powell will be invited to be interviewed at the DealBook/Summit conference hosted by the New York Times.
Gold trend analysis and interpretation!
As for gold, although the sharp drop on Monday bottomed out and rebounded, in the short term, we believe that it will run around Monday's time, but the sign of strength is to immediately recover the lost ground. In the past two days, it has been slowly retreating, especially yesterday's market, which finally broke through the high point of 2655 and directly dived from the high platform. The US market continued to fall, so this pattern is extremely weak.
For today, it is necessary to continue to be bearish and downward. Compared with the current price, it is not necessary to go short directly. Similarly, it is not necessary to go long. In this tangled position market, it is necessary to use the European market, that is, the intraday strength and weakness to layout today's trend. Because this trend is volatile, special attention should be paid to the intraday suppression and sideways trading. Like yesterday, pay attention to the resistance of 2655 and choose the opportunity to open a short position.
Gold point: rebound 2652-55 short, defense 62, target 2630-20 line!
Gold prices closed below 2640 on Tuesday after strong US jobs data suggested the Fed was cautious about rate cuts, while a weaker dollar and lower US Treasury yields limited losses as the market awaited further economic clues. A strong jobs report could lead the Fed to take a cautious stance on rate cuts. Investors' attention will turn to Wednesday's ADP jobs report and a speech by Fed Chairman Jerome Powell before Friday's jobs report.
Risk data warning!
US November ADP employment change data will be released. This data is known as the "small non-agricultural" and is expected to trigger a big market trend.
The US November ISM non-manufacturing purchasing managers' index (PMI) will be released, expected to be 55.5.
St. Louis Fed President Moussalem will give a speech and the Fed will release the Beige Book on economic conditions.
Fed Chairman Powell will be invited to be interviewed at the DealBook/Summit conference hosted by the New York Times.
Gold trend analysis and interpretation!
As for gold, although the sharp drop on Monday bottomed out and rebounded, in the short term, we believe that it will run around Monday's time, but the sign of strength is to immediately recover the lost ground. In the past two days, it has been slowly retreating, especially yesterday's market, which finally broke through the high point of 2655 and directly dived from the high platform. The US market continued to fall, so this pattern is extremely weak.
For today, it is necessary to continue to be bearish and downward. Compared with the current price, it is not necessary to go short directly. Similarly, it is not necessary to go long. In this tangled position market, it is necessary to use the European market, that is, the intraday strength and weakness to layout today's trend. Because this trend is volatile, special attention should be paid to the intraday suppression and sideways trading. Like yesterday, pay attention to the resistance of 2655 and choose the opportunity to open a short position.
Gold point: rebound 2652-55 short, defense 62, target 2630-20 line!
Trade active
Gold fell steadily and soon reached our target. Our accuracy rate in analyzing gold was as high as 98%.
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