The ADP data for February in the United States indicates a significant slowdown in employment growth in the private sector, reflecting a cooling labor market. Due to the poor performance of small non farm payroll data, the market expects that the overall non farm employment growth data, including government positions, to be released on Friday may also be unfavorable, which may increase market volatility. At the same time, the Federal Reserve also refers to these employment data when formulating monetary policy, and poor data may make the Fed more cautious in making decisions between supporting the labor market and controlling inflation.

From a daily perspective, the gold market showed a significant upward and downward trend yesterday, with the game between long and short sides becoming increasingly fierce. It is worth noting that the low point of the price coincides with the position of the short-term moving average MA5, which is currently around 2900. At present, the short-term moving average MA5 has turned upwards, but the short-term moving average MA10 still maintains a slight downward extension trend, and we will continue to focus on high-level fluctuations in the short term.

Attention should be paid to the vicinity of yesterday's low point of 2894, which can be regarded as a short-term long short watershed. Once the point breaks down, gold is likely to test the support around 2800 again. In terms of resistance above, first pay attention to yesterday's high point near 2930. Secondly, pay attention to the resistance around 2940/2942 and 2955/2956, which are all high points in the early stage and pose potential pressure on the upward trend of prices.

Detailed operational strategy for today

The current price of gold is 2918 short, with a defense of 2926. The target is 2900-2880;

Gold retracement 2880 buy long, defense 2872. Target 2890-2900;