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Gold waits for US data to break the trendline

💥Gold is trading around 2336. Gold prices managed to hold above multi-week lows touched on Monday. The Fed's interest rate cut bet will limit the USD's recovery efforts and support the metal. Traders are now eyeing the US ADP report and ISM Services PMI for fresh impetus.

💥The market is currently waiting for the US jobs report for May, which will be released this week. This data can affect the interest rate decision of the US Federal Reserve (Fed). When interest rates fall, gold will benefit. If the jobs report weakens, gold could rise in the short term. Conversely, a stronger report will put pressure on precious metals, as the Fed "will have a harder time" cutting interest rates. In the absence of too many changes in gold price data, the next few weeks will likely move sideways, unless there is an unexpected geopolitical event that causes shelter demand to skyrocket.

💥The wide price range at which gold is trading is trending downward. 2350 and 2305 are the standard price range. To escape the golden border, you need to be sure to go beyond 2360 to form an uptrend and break down to 2300 to form a downtrend. In the short term, the two EMA lines are continuously sloping down and gold needs to surpass EMA 89 to align with the main trend of the market.

Support: 2322 - 2315 - 2305
Resistance: 2338 - 2348 - 2354 - 2360 - 2374

BUY price range 2307 - 2305 stoploss 2301
SELL price range 2348 - 2350 stoploss 2354

액티브 트레이드

BUY GOLD SCALPING now 2332-2334 SL 2329

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+ 200 pips for plan BUY

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노트

Gold rallies above $2,370 as traders await crucial US Nonfarm Payrolls report
Gold price enters a bullish consolidation phase near a two-week high touched on Thursday. Traders prefer to wait for the US NFP report before positioning for the near-term trajectory. Fed rate cut bets are keeping the US bond yields and the USD depressed, lending some support.

노트

FULL TP BUY AND SELL

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