Analysis of gold price trend on Friday
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Gold fluctuated in a narrow range in the Asian market on Friday, and is currently trading around 2364. On Thursday, the overall trend remained in a narrow range, while investors digested the remarks of Federal Reserve Chairman Jerome Powell and looked forward to the US NFP employment data released later this week for more signals on US interest rate cuts.
The latest US employment data such as ADP and initial jobless claims in May performed poorly. The market generally expects that the US job market may slow down, which is expected to provide support for gold prices before the data is released. However, Israel will send a delegation to negotiate with Hamas to release the hostages, and the geopolitical situation is concerned; US job vacancy data performed strongly, and even if the non-agricultural performance is poor, it may be "buy is expected, sell is a fact", and it is still necessary to beware of the possibility of a sharp drop in gold prices.
[Technical side]
Gold price has moved slightly by 10 USD per day, and it is obvious that the bullish momentum has weakened. In the past three months, the price of gold has been adjusting and even has a peaking pattern. Everything depends on the direction given by today's NFP employment data.
Asian trading strategy:
Short-term gold 2350-2353 long, stop loss 2342, target 2370-2380;
Short-term gold 2368-2370 short, stop loss 2379, target 2350-2360;
Note: The above strategy was updated on July 5. This strategy is an Asian strategy, please pay attention to the validity period of the strategy release. Trading will stop at NY time.
The latest US employment data such as ADP and initial jobless claims in May performed poorly. The market generally expects that the US job market may slow down, which is expected to provide support for gold prices before the data is released. However, Israel will send a delegation to negotiate with Hamas to release the hostages, and the geopolitical situation is concerned; US job vacancy data performed strongly, and even if the non-agricultural performance is poor, it may be "buy is expected, sell is a fact", and it is still necessary to beware of the possibility of a sharp drop in gold prices.
[Technical side]
Gold price has moved slightly by 10 USD per day, and it is obvious that the bullish momentum has weakened. In the past three months, the price of gold has been adjusting and even has a peaking pattern. Everything depends on the direction given by today's NFP employment data.
Asian trading strategy:
Short-term gold 2350-2353 long, stop loss 2342, target 2370-2380;
Short-term gold 2368-2370 short, stop loss 2379, target 2350-2360;
Note: The above strategy was updated on July 5. This strategy is an Asian strategy, please pay attention to the validity period of the strategy release. Trading will stop at NY time.
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