Gold remains bearishThe strong performance of the U.S. ADP employment data in April provided new challenges for the Federal Reserve's monetary policy. In this context, the reaction of the gold market is particularly worthy of attention. After the data was released, gold fell back 4 US dollars in the short term and then rebounded. The number of ADP jobs in the United States increased by 192,000 in April, far exceeding the expected 175,000, showing the strength of the labor market. Salary growth slowed: Salary growth for those who changed jobs fell from 10.1% to 9.3% year-on-year. Although it is still higher than the level at the beginning of the year, it shows a certain slowing trend.
Against the backdrop of strong ADP employment data, the Fed's monetary policy decisions have become more complicated. The gold market will pay close attention to the Fed's next moves, as these decisions will directly affect gold's safe-haven demand and investment value. Investors should remain vigilant during this critical period and carefully evaluate market dynamics.
The market is in a weak position, with pressure at 2306 and 2315. Therefore, if you want to short during the day, you must first pay attention to whether 2300 breaks. If 2300 does not break, gold will go short under such extremely weak conditions. Look at the trend point below at 2250. If 2300 breaks and the strength changes, this wave can still rise to 2315 and 2330 highs.
