Strong correction, quick recovery, pay attention to NFP data

4 天前

XAUUSD Strong correction then quickly recovered and returned to close to $2,878, an important technical level for a new up cycle to open.

In economic data released Thursday, the U.S. Labor Department reported that initial jobless claims rose 11,000 to 219,000 last week, compared with an expected 213,000.
The data has weighed on the US Dollar Index (Dxy) for some time, which hit a two-year high of 110.17 on January 13 but has fallen 2% since then.

In the absence of tariff-related news, the market is focused on today's US nonfarm payrolls report, which will be the next big influence on the US monetary policy outlook.
In the latest news, the Federal Reserve announced on Thursday local time that Federal Reserve Chairman Powell will testify in the US Congress next week. This will be the first time he has answered questions from members of Congress since last July.

Powell will testify before the Senate Banking Committee next Tuesday and testified before the House Financial Services Committee the following day.

Before the end of last year, the Fed cut interest rates by 100 basis points in three meetings. In January, the Fed voted to leave interest rates unchanged between 4.25% and 4.5%. At the press conference following last month's interest rate decision, Powell said the Fed was in no hurry to cut interest rates further.　
US President Trump has toned down his criticism of Powell and his colleagues, which may help Powell's appearance go more smoothly. On Sunday, Trump said the Fed "did the right thing" by pausing interest rates.
According to LSEG data, the market now expects the Fed to cut interest rates by 25 basis points in July and a total of 46 basis points in December.

Markets today belong to the US Nonfarm Payrolls (NFP) data, US nonfarm payrolls are expected to fall to 170,000 from 256,000 in January. The unemployment rate is expected to remain unchanged at 4.1%.
The strong labor market is boosting economic growth and prompting the Fed to pause interest rate cuts as it assesses the inflationary impact of Trump's fiscal, trade and immigration policies.

Analysis of technical prospects for XAUUSD
Gold decreased and corrected then recovered when it gained support from the upper edge of the price channel, the Fibonacci extension 0.618% and Fibonacci 0.50%. Now that the rapid recovery has brought it back close to the target level of $2,878, the Fibonacci extension position is 0.786% and if the gold price is trading above this key technical level it will have conditions for a new bullish cycle with a target of around $2,900 in the short term, more than $2,918.

The relative strength index (RSI) is operating in the overbought area, but does not show any signs of a possible correction; a correction signal will be identified when the RSI folds below the 80 level.

During the day, the uptrend still dominates the technical chart, so the current pullbacks should only be considered a short-term correction without changing the trend. Along with that, notable locations will be listed as follows.
Support: 2,846 – 2,834 – 2,824USD
Resistance: 2,878 – 2,900 – 2,918USD

SELL XAUUSD PRICE 2878 - 2876⚡️
↠↠ Stoploss 2882

→Take Profit 1 2871
↨
→Take Profit 2 2866

BUY XAUUSD PRICE 2839 - 2841⚡️
↠↠ Stoploss 2835

→Take Profit 1 2846
↨
→Take Profit 2 2851

昨天

註釋

Spot gold prices rose about $10 in the short term, reaching a new intraday high of $2,876.40 an ounce, up about 0.51%.

7 小時前

註釋

▫️ Spot Gold hit $2940 per ounce or more, up 1.11% on the day.

32 分鐘前

註釋

Gold prices hit an all-time high, the dollar maintained its strength, while stocks traded subdued on Tuesday as investors awaited further adjustments in US trade policy and statements from Fed Chairman Jerome Powell on tariffs and inflation.