Today, the market will focus on the US non-agricultural employment data. The market expects that 130,000 new jobs will be added and the unemployment rate will remain unchanged at 4.2%. If the non-agricultural data is far worse than expected, it may continue to hit the US dollar and stimulate a sharp rise in gold prices. On the contrary, if it is higher than expected, it may also cause the US dollar to rebound, and gold will continue to maintain the possibility of low consolidation.
Yesterday, the US stock market collapsed across the board due to the debate between Trump and Musk. Therefore, I am worried that Trump will continue to make remarks to boost the US stock market today. Once the US stock market rebounds again, gold may continue to fall, or remain at a low level for consolidation.
From the 4-hour chart, it can be seen that gold has been rising along the 4-hour trend line. However, from the current chart, gold has not yet stepped back. Therefore, it is not ruled out that gold will continue to step back to 3330-3340 and then choose a direction again. 3330-3340 is a critical position. Once it falls below 3330 again, it is very likely to directly touch 3300. On the contrary, if it stabilizes at 3330-3340 again, then gold will definitely stabilize above 3400 if it goes up again.
Secondly, from the perspective of the US dollar:
The bottom divergence structure appears here in the 4-hour chart. Therefore, once the divergence of the US dollar takes shape, it will also cause gold to return to a low level again.
Therefore, be careful when going long on gold today. The position where you can go long today is in the range of 3330-3340. Secondly, if gold falls below 3330 today, it will test around 3300, so another long position for gold is around 3300. On the contrary, if it falls below 3300, there will be no chance to go long on gold, and the subsequent decline may accelerate.
Yesterday, the US stock market collapsed across the board due to the debate between Trump and Musk. Therefore, I am worried that Trump will continue to make remarks to boost the US stock market today. Once the US stock market rebounds again, gold may continue to fall, or remain at a low level for consolidation.
From the 4-hour chart, it can be seen that gold has been rising along the 4-hour trend line. However, from the current chart, gold has not yet stepped back. Therefore, it is not ruled out that gold will continue to step back to 3330-3340 and then choose a direction again. 3330-3340 is a critical position. Once it falls below 3330 again, it is very likely to directly touch 3300. On the contrary, if it stabilizes at 3330-3340 again, then gold will definitely stabilize above 3400 if it goes up again.
Secondly, from the perspective of the US dollar:
The bottom divergence structure appears here in the 4-hour chart. Therefore, once the divergence of the US dollar takes shape, it will also cause gold to return to a low level again.
Therefore, be careful when going long on gold today. The position where you can go long today is in the range of 3330-3340. Secondly, if gold falls below 3330 today, it will test around 3300, so another long position for gold is around 3300. On the contrary, if it falls below 3300, there will be no chance to go long on gold, and the subsequent decline may accelerate.
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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.