Gold rose sharply after ADP when the ADP index was low
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World gold prices reached the highest level of the last two weeks around 2374. Gold was supported by the weakening of the USD and the decline in US government bond yields after the latest labor market data. The ADP report of private companies added 152,000 jobs in May, much lower than forecast and compared to recorded in the previous month, this is the lowest level since the beginning of the year.
Weak labor numbers may force the Fed to act soon. The possibility of the FED reducing interest rates in September is higher than 60% to boost the economy from which gold can benefit.
Gold has escaped the falling price range and returned to the uptrend in line with the market trajectory. Gold created a new trading range with the main resistance and support levels at 2400 and 2358. The EMA 34 and EMA 89 crossed each other in the h2 frame, signaling that the market began to reverse strongly and the price line formed a trend. short-term increase to reach the key price level of 2400.
Support: 2358 - 2351 - 2345 - 2340 - 2331
Resistance: 2380 - 2385 - 2390 - 2400 - 2414
BUY zone 2357 - 2355 SL 2351
BUY zone 2341 - 2339 SL 2335
SELL zone 2383 - 2385 SL 2390
SELL zone 2398-2400 SL 2403
Weak labor numbers may force the Fed to act soon. The possibility of the FED reducing interest rates in September is higher than 60% to boost the economy from which gold can benefit.
Gold has escaped the falling price range and returned to the uptrend in line with the market trajectory. Gold created a new trading range with the main resistance and support levels at 2400 and 2358. The EMA 34 and EMA 89 crossed each other in the h2 frame, signaling that the market began to reverse strongly and the price line formed a trend. short-term increase to reach the key price level of 2400.
Support: 2358 - 2351 - 2345 - 2340 - 2331
Resistance: 2380 - 2385 - 2390 - 2400 - 2414
BUY zone 2357 - 2355 SL 2351
BUY zone 2341 - 2339 SL 2335
SELL zone 2383 - 2385 SL 2390
SELL zone 2398-2400 SL 2403
Nota
BUY GOLD now zone 2358-2355 SL: 2353Nota
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