Gold strengthens, looking for low-buy opportunities
In the matter of trading, everyone's cognition and operation are different, and it is difficult to find people who can really resonate. This huge difference in trading cognition makes many traders often fall into a situation of having nothing to say in social interaction, and it is difficult to find bosom friends who can really discuss trading in depth and understand each other.
1. The US ADP National Employment Report released yesterday showed that private employment decreased by 33,000 in June, which was the first net decrease in jobs since March 2023, in sharp contrast to the 29,000 increase in May after the downward revision. The market had expected 95,000 jobs to increase in June, and this unexpected decline has raised investors' doubts about the health of the US labor market. So I think the unexpected weakness of the ADP data has led the market to bet on the Fed's interest rate cut, and this expectation has driven the rise in gold prices in the short term.
2. The trade agreement reached between the United States and Vietnam reduced the tariffs previously planned to be imposed on Vietnamese exports, easing market concerns about trade tensions. I believe that against the backdrop of increasing global economic uncertainty, gold's position as a safe-haven asset has become increasingly solid, which will become an external factor affecting the gold market in the future.
Technical aspects:
Weekly chart: Upward trend, long-term buy on dips.
Daily chart: Symmetrical triangle consolidation, cautious wait-and-see in the medium term.
4-hour chart: Downward channel breaks upward, short-term buy on dips.
30-minute chart: Upward trend, short-term buy on dips.
Intraday operations focus on bullish opportunities in the 3350 area, defend 3343. Continue to look above 3365.
