XAUUSD: 3/5 Today’s Market Analysis and Strategy
In the Asian market on Friday, gold traded sideways at the important 2300 mark; on Thursday, the price of gold staged a rebound of over US$20 during the NY session. The U.S. dollar index fell sharply from its intraday high of 105.90, which provided gold prices with rebound momentum. In addition, tensions in the Middle East also attracted some safe-haven buying. Benchmark 10-year Treasury yields erased daily losses after the U.S. data, sending gold prices lower ahead of Friday's U.S. jobs data.
Gold prices held firm at the 2,300 mark during the North American session on Thursday amid upbeat market sentiment, falling U.S. Treasury yields and a weaker dollar. Traders are still digesting comments from Federal Reserve Chairman Jerome Powell on Wednesday and the U.S. central bank's decision to keep interest rates on hold. At the same time, data showed that the U.S. trade deficit narrowed slightly and the labor market remained tight. Market participants expect the Fed to take a tougher stance but remain neutral. The central bank issued a neutral monetary policy statement and announced that it would slow down the pace of its quantitative tightening (QT) program.
Investors are beginning to focus on preparations for the U.S. non-farm payrolls report for April on Friday. The market expects that the U.S. will add 243,000 new jobs in April. Although it is not as good as the 303,000 jobs in March, the increase is still large. Average earnings are expected to rise 0.3%, the same as March's gain, according to a survey.
Technical
Gold first fell and then rose on Thursday, basically falling back to its starting point on Wednesday. Although it did not go unilaterally, it was overall weak. US gold rose at the support point of the 2285-day Bollinger Band, with a maximum around 2309. Recovered some of the falling space. Judging from the current closing line, gold tends to fluctuate in the H4 cycle. The daily rise will still take time or require the impact of non-agricultural data. The range that can be seen in Asia and Europe is 2315~2295. The US market is optimistic about gold rising under the influence of non-agricultural data. , above the high of 2340.
Asian market analysis
1H resistance is 2310, support below is 2296
4H resistance is 2326, support below is 2285
Daily resistance is 2347, support below is 2267
✅Asian market strategy:
BUY:2285~2288 SL:2276
SELL:2318~2324 SL:2328
Asian market strategy NY time is invalid
Gold prices held firm at the 2,300 mark during the North American session on Thursday amid upbeat market sentiment, falling U.S. Treasury yields and a weaker dollar. Traders are still digesting comments from Federal Reserve Chairman Jerome Powell on Wednesday and the U.S. central bank's decision to keep interest rates on hold. At the same time, data showed that the U.S. trade deficit narrowed slightly and the labor market remained tight. Market participants expect the Fed to take a tougher stance but remain neutral. The central bank issued a neutral monetary policy statement and announced that it would slow down the pace of its quantitative tightening (QT) program.
Investors are beginning to focus on preparations for the U.S. non-farm payrolls report for April on Friday. The market expects that the U.S. will add 243,000 new jobs in April. Although it is not as good as the 303,000 jobs in March, the increase is still large. Average earnings are expected to rise 0.3%, the same as March's gain, according to a survey.
Technical
Gold first fell and then rose on Thursday, basically falling back to its starting point on Wednesday. Although it did not go unilaterally, it was overall weak. US gold rose at the support point of the 2285-day Bollinger Band, with a maximum around 2309. Recovered some of the falling space. Judging from the current closing line, gold tends to fluctuate in the H4 cycle. The daily rise will still take time or require the impact of non-agricultural data. The range that can be seen in Asia and Europe is 2315~2295. The US market is optimistic about gold rising under the influence of non-agricultural data. , above the high of 2340.
Asian market analysis
1H resistance is 2310, support below is 2296
4H resistance is 2326, support below is 2285
Daily resistance is 2347, support below is 2267
✅Asian market strategy:
BUY:2285~2288 SL:2276
SELL:2318~2324 SL:2328
Asian market strategy NY time is invalid
Trade active:
NY market strategy will be updated before the market opens
Trade active
Trade active:
Gold and silver were trading sideways ahead of the data release.
Trade active
Trade active
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