GOLD-Advice and Strategies
Updated
The U.S. initial jobless claims data performed poorly. The number of jobless claims was slightly higher than expected and the previous value, once again casting a shadow on the recent weak U.S. economy. The U.S. dollar index has weakened and set a recent low. Federal Reserve Chairman Powell has been The views of the testimony were also moderate, which also led to the market beginning to place more bets on interest rate cuts. Today, we will focus on the actual performance of the non-agricultural data in the evening.
Gold has risen for 7 consecutive days. This trend is also rare in history. Judging from the current indicators, overbought signals have been formed at the 1-hour and 4-hour levels. The upward momentum has diminished, and there may be another high point. But the risk of buying now is already high
First focus on the strong support point 2140, and then look at the trend support point 2122. In other words, if gold remains above 2140, it is an absolutely strong upward trend, and if it remains above 2122, it is also an upward trend.
Today’s non-agricultural data should also pay attention to the support of these two points. If it falls below 2122, there may be a lot of room for adjustment.
However, the current rising market environment has not changed, so medium and long-term sell orders cannot be traded. According to the data released today, unemployment benefits remain unchanged at the previous 3.7%. After seasonally adjusted non-agricultural employment, the previous value was 35.30,000. The market forecast is 200,000. It is expected to be negative for the US dollar and bullish for gold. The specifics will depend on the actual released data.
My advice is to wait for the data to be released and trade with the trend, or wait for a clear sell signal before placing a sell order.
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