After the negative news of non-agricultural data today, gold fell as expected, but it bottomed out and rebounded, and continued to fluctuate. Although the 1-hour moving average is still in a dead cross short arrangement, there are signs of turning around. At the same time, after the rebound of gold, it began to consolidate at a high level instead of continuing to fall, so the momentum of the bears was weakened. Therefore, the closing is very critical. Gold fell back to around 3240 under pressure from 3270. In the short term, this is a balance range. You can look at the fluctuations in this range. If gold finally closes above 3270, then gold will most likely continue to rise next week. If it closes below 3240, then there is still a great opportunity for gold bears. If you want to operate in the short term, don't chase it for the time being. Since it is a shock, you can go short at a high level first. If it breaks through 3270, on the whole, it is recommended to go short on rebounds as the main operation strategy, and go long on callbacks as the auxiliary. The short-term focus on the upper short-term resistance of 3265-3270, and the short-term focus on the lower short-term support of 3200-3197.
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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.