Gold Price Target: 3380-3400+, Set a Trailing StopGold Price Target: 3380-3400+, Set a Trailing Stop
As shown in Figure 4h:
Gold finally rallied this weekend.
Despite recent heavy losses for long positions, the past two days have been encouraging.
We ultimately managed to successfully buy the dip in the 3280-3300 range and recover all our losses.
Gold prices continue to rise, and everyone is asking if it's time to sell.
Now is the critical time to exit.
We must acknowledge one fact:
Gold currently presents a huge opportunity.
Of course, the risks are also increasing.
At times like these, I always emphasize that the best approach is to set a 10-point trailing stop.
Even if gold prices soar, we can move with them.
This non-farm payroll data was a huge disappointment.
It was a truly positive surprise for gold.
The market expected 110,000 new jobs, but the result was a disappointing 73,000, a decrease of half from the previous month.
The market went into a tizzy after the outperformance. But even more shocking news is yet to come: Non-farm payrolls for May and June were revised downward by a combined 258,000.
This means the June gain was revised downward from 140,000 to 14,000.
The May gain was abruptly revised downward from 140,000 to 19,000.
The strong data of the past two months was completely false.
Market followers have become the "clowns" of the Fed and Trump.
Now you understand why everyone praised Powell's hawkish speech two days ago.
Because Powell said: "Only if there is a severe decline in employment will we consider cutting interest rates."
Just this Wednesday, some good non-farm payroll data was released.
This undoubtedly gave the market a false impression.
Everyone believed that a rate cut was impossible, and the probability of a September cut had dropped to 40%.
However, today's poor non-farm payroll data, combined with revisions to May and June data, revealed the truth.
The job market has been dismal over the past quarter.
The market reacted quickly, and gold prices soared on this sentiment.
My advice is to buy gold at a low price and hold on.
For investors who have successfully bought in the 3280-3300 level in recent days, I recommend setting a 10-15 pip trailing stop-loss.
Gold prices are likely to continue their upward trend next Monday.
Our next target is above 3380-3400 points.
