Spot gold was basically stable in early trading on Friday (March 7), and the current price of gold is around $2,915/ounce; in early Asian trading, the price of gold once fell to $2,896.40/ounce. Gold prices are still fluctuating in a range as traders eagerly await the release of US non-farm payrolls. The non-farm payrolls report will affect the recent trend of the US dollar and provide new impetus for gold prices. Escalating trade tensions, risk aversion and a weaker US dollar have provided support for precious metal gold. In addition, bets on further interest rate cuts by the Federal Reserve have helped limit the decline of gold.
At 21:30 Beijing time on Friday, investors will usher in the US February non-farm payrolls report. If there is a major negative surprise in the non-farm payrolls released on Friday, it may put heavy pressure on the US dollar and open the door for a bullish trend in gold before the weekend. On the other hand, if the non-farm payrolls reach or exceed 180,000, the US dollar may remain resilient against its competitors. At 01:30 Beijing time on Saturday, Fed Chairman Powell spoke before the luncheon of the 2025 U.S. Monetary Policy Forum at the University of Chicago Booth School of Business. Powell said at a congressional hearing in February that the Fed does not need to rush to adjust interest rates, a statement that further implies that officials will remain patient on the issue of rate cuts. If the U.S. non-farm payrolls data for February is lower than expected, the dollar, which has been suppressed recently, may fall further, thereby stimulating the strengthening of gold prices. In addition to the non-farm report, gold traders are also facing the impact of the speech of Fed Chairman Powell. If Powell makes hawkish remarks again, the dollar may be boosted, thereby pressuring gold prices.
3.7 Analysis of gold market trend:
Analysis of gold technical aspects: The recent gold long-short game is very volatile, and it has fluctuated back and forth many times. The current pattern shows that the general trend is still bullish. The short-term is in high-level fluctuations. The focus is on the large fluctuation range of 2930-2891, with a fluctuation range of up to 40 points. The daily line has continuous cross stars. Today's idea is to see short-term fluctuations before the non-agricultural data. Both long and short positions can go up. The daily 30-day moving average still supports the bulls. The bullish trend in the general direction has not changed. Today, we pay attention to whether the non-agricultural employment data can change the trend. Before the non-agricultural data, it is still treated as a range fluctuation. In addition, today is the closing of the weekly line. If the weekly line is below 2890, then the long position of the large cycle may change. The big Yin top before the weekly line will help to continue to fall next week.
The hourly chart of gold has formed a sideways K-line, and the oscillation center axis is near 2905. If the white plate rebounds first today, look for short opportunities near 2920. If it falls to 2890 first, look for long opportunities. It rebounded yesterday and then fell. Let's look at short opportunities in the white plate today. If we break through either side today, we can adjust our thinking and chase orders. It is expected to be a pattern of adjustment first and then rise! If we still cannot effectively break through the upper rail pressure of the flag consolidation today, it will inevitably fall to the previous low again! The battle between long and short positions is still fierce. The short-term short position has a slight advantage, but the long position counterattack is also fierce. The 2890 support is still very strong! If it breaks through, enter the market with the trend, otherwise it will be a consolidation and shock trend! On the whole, Jin Shengfu recommends that the short-term operation of gold today is mainly long on the callback, supplemented by short on the rebound. The short-term focus on the upper side is 2928-2930 resistance, and the short-term focus on the lower side is 2890-2894 support.
At 21:30 Beijing time on Friday, investors will usher in the US February non-farm payrolls report. If there is a major negative surprise in the non-farm payrolls released on Friday, it may put heavy pressure on the US dollar and open the door for a bullish trend in gold before the weekend. On the other hand, if the non-farm payrolls reach or exceed 180,000, the US dollar may remain resilient against its competitors. At 01:30 Beijing time on Saturday, Fed Chairman Powell spoke before the luncheon of the 2025 U.S. Monetary Policy Forum at the University of Chicago Booth School of Business. Powell said at a congressional hearing in February that the Fed does not need to rush to adjust interest rates, a statement that further implies that officials will remain patient on the issue of rate cuts. If the U.S. non-farm payrolls data for February is lower than expected, the dollar, which has been suppressed recently, may fall further, thereby stimulating the strengthening of gold prices. In addition to the non-farm report, gold traders are also facing the impact of the speech of Fed Chairman Powell. If Powell makes hawkish remarks again, the dollar may be boosted, thereby pressuring gold prices.
3.7 Analysis of gold market trend:
Analysis of gold technical aspects: The recent gold long-short game is very volatile, and it has fluctuated back and forth many times. The current pattern shows that the general trend is still bullish. The short-term is in high-level fluctuations. The focus is on the large fluctuation range of 2930-2891, with a fluctuation range of up to 40 points. The daily line has continuous cross stars. Today's idea is to see short-term fluctuations before the non-agricultural data. Both long and short positions can go up. The daily 30-day moving average still supports the bulls. The bullish trend in the general direction has not changed. Today, we pay attention to whether the non-agricultural employment data can change the trend. Before the non-agricultural data, it is still treated as a range fluctuation. In addition, today is the closing of the weekly line. If the weekly line is below 2890, then the long position of the large cycle may change. The big Yin top before the weekly line will help to continue to fall next week.
The hourly chart of gold has formed a sideways K-line, and the oscillation center axis is near 2905. If the white plate rebounds first today, look for short opportunities near 2920. If it falls to 2890 first, look for long opportunities. It rebounded yesterday and then fell. Let's look at short opportunities in the white plate today. If we break through either side today, we can adjust our thinking and chase orders. It is expected to be a pattern of adjustment first and then rise! If we still cannot effectively break through the upper rail pressure of the flag consolidation today, it will inevitably fall to the previous low again! The battle between long and short positions is still fierce. The short-term short position has a slight advantage, but the long position counterattack is also fierce. The 2890 support is still very strong! If it breaks through, enter the market with the trend, otherwise it will be a consolidation and shock trend! On the whole, Jin Shengfu recommends that the short-term operation of gold today is mainly long on the callback, supplemented by short on the rebound. The short-term focus on the upper side is 2928-2930 resistance, and the short-term focus on the lower side is 2890-2894 support.
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.
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.