GOLD-wait for trend
Updated
Pay attention to the non-agricultural ADP small data and the impact of the Federal Reserve's interest rate decision on the market. Our focus remains on whether Powell's speech is dovish or hawkish, as interest rates are certainly on hold for the time being. Last December, after Powell revealed the possibility of cutting interest rates, he was interpreted as dovish by the market, causing many asset prices to begin to rise sharply. Recently, many Federal Reserve officials have stated that they will not cut interest rates before summer, cooling the market. Personally, I think Powell may be leaning toward the hawkish side.
Although gold broke through 2040 yesterday, it quickly returned to the previous range, indicating that this breakthrough was a false breakthrough, so we cannot be blindly bullish today.
If today's data and conference are not favorable for gold, there is a high chance of another decline
Short term strategy:
Xauusd:sell2039-2043
TP:2033-2028-X
SL:2048
If the data is bullish and the gold price rises first, or even directly breaks through yesterday's high, gold may test the 2055-2060 range.
Therefore, before the data and conference are released, I suggest trading with small positions and wait until the trend is obvious before we follow it.
Note
ADP employment numbers were 107,000, exceeding expectations and bullish for goldNote
There is no rise now after the data was released, but this strategy is no longer applicable. If you hold a sell order, I recommend closing the position firstNote
Same as predicted, tested 2055-2060
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