Yesterday, I once again emphasized the significance of the 2920-2930 resistance zone and the 2890-2900 support zone, and over the past two days, we’ve seen price action respecting these key levels. During today’s Asian session, gold once again tested support and rebounded, while resistance remains unbroken. At this point, the market is largely waiting for the upcoming NFP report to drive a decisive move.
Recently, Trump’s tariff policy has triggered a broad selloff in U.S. equities, with all three major indices posting losses. Meanwhile, the U.S. dollar index has been in a sharp decline. Theoretically, falling equities should support gold, but in reality, increased market volatility leads to liquidity shifts—some capital exits gold to cover losses in equities. As a result, a declining stock market does not necessarily translate into sustained gold gains but instead heightens overall market risk.
Gold rallied for the first two days of this week, followed by two days of consolidation near recent highs.
Chasing longs? Prices are already at elevated levels, facing overhead resistance.
Going short? Gold remains resilient, with no clear signs of weakness.
This market indecision has left many traders uncertain.
My view:
Consolidation is merely a buildup for a breakout. The upcoming NFP release will trigger significant volatility.
A break above 2920-2930 will likely drive gold higher toward 2956 and beyond.
A break below 2890-2900 could send gold down toward 2832.
Trading strategy:
Rather than preemptively positioning, I prefer to wait for the data release and then adjust my plan accordingly, reacting to the market’s direction.
Recently, Trump’s tariff policy has triggered a broad selloff in U.S. equities, with all three major indices posting losses. Meanwhile, the U.S. dollar index has been in a sharp decline. Theoretically, falling equities should support gold, but in reality, increased market volatility leads to liquidity shifts—some capital exits gold to cover losses in equities. As a result, a declining stock market does not necessarily translate into sustained gold gains but instead heightens overall market risk.
Gold rallied for the first two days of this week, followed by two days of consolidation near recent highs.
Chasing longs? Prices are already at elevated levels, facing overhead resistance.
Going short? Gold remains resilient, with no clear signs of weakness.
This market indecision has left many traders uncertain.
My view:
Consolidation is merely a buildup for a breakout. The upcoming NFP release will trigger significant volatility.
A break above 2920-2930 will likely drive gold higher toward 2956 and beyond.
A break below 2890-2900 could send gold down toward 2832.
Trading strategy:
Rather than preemptively positioning, I prefer to wait for the data release and then adjust my plan accordingly, reacting to the market’s direction.
Note
NFP data and unemployment data are both bullish for goldNote
We pay attention to the resistance of 2920-2930. If we can break through this line, or step back on the support of 2890-2900 again, we will have the opportunity to intervene.
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Disclaimer
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If you don’t know where to start trading, you can join the channel and get accurate trading signals
👊Join the free Telegram group:
t.me/Reliable_Trading0
🏆Contact me to copy trading:
t.me/Reliable_Trading1
👊Join the free Telegram group:
t.me/Reliable_Trading0
🏆Contact me to copy trading:
t.me/Reliable_Trading1
Related publications
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.