https://www.tradingview.com/x/i1kNeaAV/
The non-farm payrolls data released last Friday were unexpectedly strong. The seasonally adjusted non-farm payrolls in the United States increased by 177,000 in April, significantly higher than the expected 130,000, and the unemployment rate remained at 4.2%, in line with market expectations.
After the data was released, the market's expectations for the Fed's interest rate cuts this year have cooled, and the number of interest rate cuts is expected to be close to four. Trump once again said that tariffs will bring billions of dollars in revenue, we are just in a transitional stage, and the Fed should lower interest rates.
Last week, gold retreated to around 3200. Before the release of the non-farm payrolls data, gold once rebounded to around 3270.
After the release of the non-farm payrolls data, gold once again fell back, once stepped back to around 3220, and finally closed at 3240.
From the current point of view, the correction of gold has basically come to an end. If nothing unexpected happens next, it will slowly recover its losses and stand above the 3300 mark again.
Here on the 4-hour chart:
It can be clearly seen that gold has re-established itself above the trend line.
If it was suppressed near 3270 last Friday, there would be no problem.
But as time goes by, the suppression trend line is getting lower and lower. Now there is no need to pay attention to 3270 at all, because the trend has broken.
Now if you still pay attention to 3270, it will be meaningless.
From the 1-hour chart:
From Friday's low of around 3220 to today's high of around 3270, you can see that around 3253 is exactly the support position of this trend.
Therefore, the next operation is very simple. Just pay attention to 3255-50. As long as gold is still above this support before the European session, you can rely on 3255-50 to enter the market and do more.
The first target is 3280, and the second is 3300.
The non-farm payrolls data released last Friday were unexpectedly strong. The seasonally adjusted non-farm payrolls in the United States increased by 177,000 in April, significantly higher than the expected 130,000, and the unemployment rate remained at 4.2%, in line with market expectations.
After the data was released, the market's expectations for the Fed's interest rate cuts this year have cooled, and the number of interest rate cuts is expected to be close to four. Trump once again said that tariffs will bring billions of dollars in revenue, we are just in a transitional stage, and the Fed should lower interest rates.
Last week, gold retreated to around 3200. Before the release of the non-farm payrolls data, gold once rebounded to around 3270.
After the release of the non-farm payrolls data, gold once again fell back, once stepped back to around 3220, and finally closed at 3240.
From the current point of view, the correction of gold has basically come to an end. If nothing unexpected happens next, it will slowly recover its losses and stand above the 3300 mark again.
Here on the 4-hour chart:
It can be clearly seen that gold has re-established itself above the trend line.
If it was suppressed near 3270 last Friday, there would be no problem.
But as time goes by, the suppression trend line is getting lower and lower. Now there is no need to pay attention to 3270 at all, because the trend has broken.
Now if you still pay attention to 3270, it will be meaningless.
From the 1-hour chart:
From Friday's low of around 3220 to today's high of around 3270, you can see that around 3253 is exactly the support position of this trend.
Therefore, the next operation is very simple. Just pay attention to 3255-50. As long as gold is still above this support before the European session, you can rely on 3255-50 to enter the market and do more.
The first target is 3280, and the second is 3300.
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The rise is about to beginTrade closed: target reached
The fluctuation is slower but the general direction remains unchanged
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Our goal is simple, to provide the most professional guidance for free to help everyone make a profit
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.