Before the release of non-farm data--Gold technical analysis
Updated
Before the release of non-farm data--Gold technical analysis
"Gold investors are like gamblers--just they wear nicer suits and call their losses 'portfolio adjustments.
Williams' gold forecast for today:
Fundamentals:
1: The US dollar index remains strong before the release of US non-farm data.
Concerns about President-elect Trump's inflationary policies have fueled the rise in global bond yields, widening the gap between the United States and other countries.
This difference supports the dollar while increasing volatility in foreign bond markets.
2: The recent surge in U.S. Treasury yields, with the 10-year benchmark yield reaching a 9-month high of 4.728%, has put pressure on gold prices.
The market now awaits the release of non-farm payrolls and unemployment data.
3: Trends show that the U.S. economy faces challenges in maintaining strong job growth.
A weak labor market could curb consumer spending and slow economic activity, which could put pressure on the dollar.
The market expects non-farm payrolls to increase by 154,000 in December and 227,000 in November. .
In addition, geopolitical tensions, such as the Russian-Ukrainian conflict and turmoil in the Middle East, have further added to the complexity of the market.
Gold daily chart - rising broadening wedge
Gold 4-hour cycle - falling converging wedge
1: The gold daily chart shows that gold prices rebounded from the support level of the rising wedge expanding pattern. Gold prices are still in a bullish trend, indicating the potential for further gains. The price formed a symmetrical triangle within this pattern, indicating the continuation of the positive trend.
2: The reality of the gold four-hour cycle is that gold prices are frantically testing the pressure level near 2680, and there is a high probability that they will reverse and fall here.
Summary: With the release of today's non-agricultural employment data, strong resistance is expected at $2720, which must be cleared before a meaningful rise can begin.
On the downside, gold prices must fall below $2550 to show further bearish momentum.
I will publish the specific trading ideas below at the right time. If you are also looking forward to my signals, you can leave me a message and I will share my ideas as soon as possible.
"Gold investors are like gamblers--just they wear nicer suits and call their losses 'portfolio adjustments.
Williams' gold forecast for today:
Fundamentals:
1: The US dollar index remains strong before the release of US non-farm data.
Concerns about President-elect Trump's inflationary policies have fueled the rise in global bond yields, widening the gap between the United States and other countries.
This difference supports the dollar while increasing volatility in foreign bond markets.
2: The recent surge in U.S. Treasury yields, with the 10-year benchmark yield reaching a 9-month high of 4.728%, has put pressure on gold prices.
The market now awaits the release of non-farm payrolls and unemployment data.
3: Trends show that the U.S. economy faces challenges in maintaining strong job growth.
A weak labor market could curb consumer spending and slow economic activity, which could put pressure on the dollar.
The market expects non-farm payrolls to increase by 154,000 in December and 227,000 in November. .
In addition, geopolitical tensions, such as the Russian-Ukrainian conflict and turmoil in the Middle East, have further added to the complexity of the market.
Gold daily chart - rising broadening wedge
Gold 4-hour cycle - falling converging wedge
1: The gold daily chart shows that gold prices rebounded from the support level of the rising wedge expanding pattern. Gold prices are still in a bullish trend, indicating the potential for further gains. The price formed a symmetrical triangle within this pattern, indicating the continuation of the positive trend.
2: The reality of the gold four-hour cycle is that gold prices are frantically testing the pressure level near 2680, and there is a high probability that they will reverse and fall here.
Summary: With the release of today's non-agricultural employment data, strong resistance is expected at $2720, which must be cleared before a meaningful rise can begin.
On the downside, gold prices must fall below $2550 to show further bearish momentum.
I will publish the specific trading ideas below at the right time. If you are also looking forward to my signals, you can leave me a message and I will share my ideas as soon as possible.
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