The US non-farm data in March exceeded market expectations, but the unemployment rate rose. Whether true or false, it eventually supported the rebound of the US dollar. After that, Powell said that he would not cut interest rates immediately. The US Treasury Secretary said that the United States pursued a strong dollar policy, etc. The above comprehensive factors provided support for the US dollar to rebound, but it cannot be concluded that the bottom has been reached. Gold was not spared. Yesterday, the overall decline exceeded 120 points, ending four consecutive weeks of gains, and the overall trend is still downward.
Combined with the long-term technical pattern, the strong support below the gold price is near 2950. Even if the price rebounds next week, it cannot be accompanied by strong event support. It is still possible to fall again to find the bottom, and the possibility of falling below the 3000 mark is relatively high.
The gold 1-hour moving average has formed a death cross downward, so the gold shorts still have power, and the short-term gold can only rebound. After the rebound, gold will continue to be short, and then gold will enter a shock. After the high-level plunge of gold, shorts will have a greater advantage in the short term. Unless there is a big positive, it will be difficult for gold to rise directly. The last physical K-line box of gold in the 1-hour will form a short-term suppression. The resistance of gold rebound is 3070. If it is under pressure, then the gold rebound will continue to be shorted at highs.
Investment strategy:
Buy gold at 3040, target 3050
Sell gold at 3050, target 3030-3020-3010-3000
Combined with the long-term technical pattern, the strong support below the gold price is near 2950. Even if the price rebounds next week, it cannot be accompanied by strong event support. It is still possible to fall again to find the bottom, and the possibility of falling below the 3000 mark is relatively high.
The gold 1-hour moving average has formed a death cross downward, so the gold shorts still have power, and the short-term gold can only rebound. After the rebound, gold will continue to be short, and then gold will enter a shock. After the high-level plunge of gold, shorts will have a greater advantage in the short term. Unless there is a big positive, it will be difficult for gold to rise directly. The last physical K-line box of gold in the 1-hour will form a short-term suppression. The resistance of gold rebound is 3070. If it is under pressure, then the gold rebound will continue to be shorted at highs.
Investment strategy:
Buy gold at 3040, target 3050
Sell gold at 3050, target 3030-3020-3010-3000
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I wish you all good luck in the new week and more gains!
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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.