Yesterday’s ADP employment report showed an increase of just 77K jobs, significantly below the expected 140K and a sharp drop from the previous 186K—marking the smallest gain since July 2024. This weaker-than-expected data was highly bullish for gold. As a result, after an initial pullback to around 2895, gold surged quickly to 2930.
In yesterday’s analysis, I clearly outlined the resistance zone at 2920-2930 and the support area at 2890-2900. Based on this strategy, we executed buy positions on dips, leading to significant gains.
Gold remains within this range, and I believe these support and resistance levels are still valid. Just now, gold once again tested the support area, prompting me to re-enter long positions.
If the resistance at 2920-2930 is decisively broken, we could see a further rally, potentially retesting the historical high of 2956. Let’s see how the market plays out.
In yesterday’s analysis, I clearly outlined the resistance zone at 2920-2930 and the support area at 2890-2900. Based on this strategy, we executed buy positions on dips, leading to significant gains.
Gold remains within this range, and I believe these support and resistance levels are still valid. Just now, gold once again tested the support area, prompting me to re-enter long positions.
If the resistance at 2920-2930 is decisively broken, we could see a further rally, potentially retesting the historical high of 2956. Let’s see how the market plays out.
Trade closed: target reached
Today we once again went long on gold at the 2890-2900 support level and successfully took the TP of 2920. Congratulations to the friends who followed the orders.
Tomorrow is the most important data release day of this month, NFP. There will be a lot of trading opportunities. If you don’t know where the trading point is and how to adjust the position settings according to market dynamics, you can join the channel at the bottom of the article. Welcome
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Related publications
Disclaimer
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If you don’t know where to start trading, you can join the channel and get accurate trading signals
👊Join the free Telegram group:
t.me/Reliable_Trading0
🏆Contact me to copy trading:
t.me/Reliable_Trading1
👊Join the free Telegram group:
t.me/Reliable_Trading0
🏆Contact me to copy trading:
t.me/Reliable_Trading1
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.