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The Federal Reserve's monetary policy meeting is expected to maintain interest rates at 5.25%-5.5%. Federal Reserve Chairman Jerome Powell's speech on Wednesday will provide more clues on expectations for a rate cut. Traders have scaled back bets on the Federal Reserve cutting interest rates this year as recent U.S. economic data has been stronger than expected and inflation continues to rise. Bond investors expect Fed Chairman Jerome Powell to sound hawkish at a news conference, likely stating that the Fed is in no rush to cut interest rates given persistent inflation and a still-strong labor market. In addition to the Fed's interest rate decision and Fed Chairman Powell's speech today, the US April ADP employment data and the US April ISM manufacturing PMI data will also be released, which requires focus.

Yesterday, gold fell all the way without even a chance to rebound. This was something I did not expect. Since the market has already shown this trend, we can only follow the market.

The current market is absolutely weak. Today, rebound selling is the main focus. The suppression points of concern above are the moving average suppression points of 2313, 2300, and 2295.

But gold must fall below 2270 before it can completely turn into a downward trend. Otherwise, I think gold still has a chance to rebound to 2330-2344.

The focus of today's market is after the release of the US ADP data. The impact of the data cannot be seen through technical aspects. We will wait for the data to be released before looking. Therefore, today's trading can wait for the resistance point to sell. Radical traders can sell near 2290.

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