Daily analysis
Gold - Gold narrow horizontal market, wait and see the U.S. employment data
Gold rised slightly on Wednesday. Data showed a moderate increase in private employment in the United States last month. At the same time, investors digested Federal Reserve Chairman Powell’s speech and waited for Friday’s U.S. employment report. The ADP employment data was disappointing, slightly below market expectations. A month after the hurricane and the Boeing strike, the market originally expected a greater rebound in the job market. According to the ADP report, there was an increase of 146,000 private jobs last month, an increase of 150,000, which is slightly lower than the forecast. In addition, Powell said that the recent economic performance will make the Federal Reserve more cautious in the future interest rate cut path. Market participants believe that the possibility of the Federal Reserve cutting interest rates by 25 basis points at its meeting on December 17-18 is about 78%.
As shown in the technical chart, the RSI and the stochastic index have rebounded since the oversold area, and it is expected that the gold price will stabilize again. The closer support is expected to be $2,630 and 2,600, and the next level refers to the 100-day average of $2,580. The downfall in the gold price in mid-November also happened to find support at the 100-day average. The key will be in 2535, from the bottom of the consolidation from May to June to around $2,280 to the end of last month, a cumulative increase of nearly $510, half of which is $255 to $2,535. As for the current closer resistance, let’s look at the 50-day average of 2668 and the downward trend line of $2,688, and the next level of resistance is estimated at $2,700 and $2,725.
Gold rised slightly on Wednesday. Data showed a moderate increase in private employment in the United States last month. At the same time, investors digested Federal Reserve Chairman Powell’s speech and waited for Friday’s U.S. employment report. The ADP employment data was disappointing, slightly below market expectations. A month after the hurricane and the Boeing strike, the market originally expected a greater rebound in the job market. According to the ADP report, there was an increase of 146,000 private jobs last month, an increase of 150,000, which is slightly lower than the forecast. In addition, Powell said that the recent economic performance will make the Federal Reserve more cautious in the future interest rate cut path. Market participants believe that the possibility of the Federal Reserve cutting interest rates by 25 basis points at its meeting on December 17-18 is about 78%.
As shown in the technical chart, the RSI and the stochastic index have rebounded since the oversold area, and it is expected that the gold price will stabilize again. The closer support is expected to be $2,630 and 2,600, and the next level refers to the 100-day average of $2,580. The downfall in the gold price in mid-November also happened to find support at the 100-day average. The key will be in 2535, from the bottom of the consolidation from May to June to around $2,280 to the end of last month, a cumulative increase of nearly $510, half of which is $255 to $2,535. As for the current closer resistance, let’s look at the 50-day average of 2668 and the downward trend line of $2,688, and the next level of resistance is estimated at $2,700 and $2,725.
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.
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.