📣📣Gold prices fell 0.44% on Monday, closing at 2638, ending a four-day rally. The dollar rebounded sharply as the French political crisis escalated. However, the situation in France also provided some safe-haven support for gold prices. In addition, many Fed officials believe that the Fed will further cut interest rates, and the market's expectations for a rate cut in December have increased, which still provides support for gold prices.🎈
🔔Monday's data once again showed the resilience of the US economy. US manufacturing activity improved in November, orders grew for the first time in eight months, and input prices faced by factories fell sharply.🎈
🔔This week's major US economic events include the release of job vacancy data, the ADP employment report and non-farm payrolls. Speeches by Fed officials, including Fed Chairman Powell, will also attract attention. Among them, job vacancy data will be released today, and this trading day will also usher in a speech by Fed Governor Kugler on the labor market and monetary policy. Investors need to pay close attention.🎈
🔔Gold market analysis:
From the current market, gold has been consolidating around 2630, resulting in the short-term resistance and support of each chart breaking back and forth. Therefore, it is recommended to pay attention to the 2615-2665 range during the day, and maintain a high-altitude and low-multiple strategy before breaking.🎈
🔔Wait for the non-agricultural data to fluctuate. Once either party breaks the position, it will surely trigger a wave of following. If it goes down, pay attention to the 2590-2580 area shown in the middle track of the weekly Bollinger Bands. Place long orders when it is close to or touches it. If it goes up, If the position is broken, first focus on the 2680 area, which is the current weekly 10 moving average, and then focus on the 2715-2720 area. As the current double top form, you can choose the opportunity to make a hollow layout below. Of course, even if it is running in a range, I personally prefer the extension after the support is broken, so the operation will be mainly short at highs.🎈
🔔Operation ideas:
For the upper resistance, pay attention to the 2653 area first. Below it, the bears can regain lost ground and continue to test 2620 or break and extend. If it is strongly broken by the bulls, it is expected to extend and pull up. At that time, focus on 2666-2670, especially the latter as the rebound high last week, which will become the strongest defense for the bears during the day, and you can continue to arrange short positions below it. For the support below, focus on the 2615-2620 area, and you can try to participate with multiple orders.🎈
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