Gold continues to fluctuate, ADP is bound to break through today's level
esterday, the increase in gold prices was limited due to the strengthening of the US dollar and the rise in government bond yields, which suppressed the possibility of a significant interest rate cut by the Federal Reserve, as previously indicated by the increase in US jobs. Gold rebounded to a high of 2664 in the US market and then began to fall back, reaching its lowest point at the early opening position. The daily chart closed with a bullish candlestick line with a long upper shadow.
On the daily chart, gold fell and rebounded on Monday, closing at a long lower shadow negative line. On Tuesday, it rose and fell back, closing at a long upper shadow positive line. The short-term market trend is volatile. At present, the short-term moving averages MA5 and MA10 are extending upwards, located around 2645 and 2632 respectively. Today, we will focus on the support of the moving averages in the short term to see if they can continue to rise after the volatility.
Pay attention to the resistance near yesterday's high point 2664, which is also the high point position last Friday. If you can break through and continue the bullish trend in the short-term structure, you need to pay attention to the resistance near 2672, 2685, and 2690. In today's operation, the main focus is still on oscillation, with high selling and low selling around the range.
Gold:
Rebound 2664, short sell, defend 2672, target 2650-2635
Step back 2632 to buy more, defend 2625, target 2645-2664
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