$Gold - main 2512(GCmain)$ is currently holding highs on the eve of NFP data!
Expectations of a Fed rate cut pushed gold prices higher. Recently released U.S. economic data further showed a softening of the labour market.The ADP employment report showed that only 54,000 new jobs were added in August, significantly lower than the expected 65,000. Today.
Technical: Gold prices broke above the upper edge of the range after completing consolidation in the $3,300 area and are now running above $3,550 with a technical bias to the upside.
The RSI indicator shows short-term overbought and some shock or retracement is possible. Above the resistance level first focus on $3578-3579 resistance, that is, this week's all-time high !
Gold's short-term trend is still firmly constrained by the Fed's rate cut expectations. If the NFP data is weak, gold is expected to break through the $ 3600 mark; but if the data is better than expected, it may trigger part of the profit-taking, so that the gold price back down. Overall, the medium-term trend remains strong, need to be wary of short-term fluctuations.
It is expected that today's NFP data is favourable to the rise of gold! Trading to maintain a buy trade is the main!
A candlestick chart displaying gold prices, with a red line indicating a trend. The chart shows price levels marked at 3500, 3578-3579, and 3600, with green and red arrows highlighting movements. Black text labels the price levels on the right side, ranging from 3522.45 to 3575.50.
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