GOLD-Can it still rise?
Updated
Today, the market will focus on the impact of Federal Reserve data and will pay close attention to Federal Reserve Chairman Powell's testimony before Congress to further clarify the path of U.S. interest rates. The next important U.S. economic data will be the February non-farm payrolls report on Friday.
Yesterday, gold reached a maximum of around 2142 and a minimum of around 2123. It did not break through the previous high of 2145, forming a double top in the short term.
Therefore, the risk of buying gold now increases again, and we need to pay attention to the impact of Powell's testimony and non-farm data this week.
Today’s trend is very important. The daily support point is at 2120 and the trend support point is at 2098. If it falls below 2120 today, gold will change the pattern of strong rise.
Yesterday’s suppression point was at 2135. Today’s suppression point moves down to 2132. You can choose to sell a small position here, or wait for the release of the U.S. ADP employment number in February and follow the trend.
Be sure to control your positions in recent transactions so that you can improve your success rate
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Follow the trend and you should already be profitable
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