The US ADP data for May has been released. Can it drive gold out
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Gold has been consolidating for almost two weeks, and it has been a roller coaster ride. Some friends are almost dizzy. They really want to know whether the gold price will start to rise again or lure more here and wait for a fall?
Then let me tell you that the remaining three trading days this week are crucial. Tonight, the US ADP employment data for May was 192,000 before and 175,000 before. On Thursday, the number of initial jobless claims in the US for the week ending June 1 was 219,000 before and 220,000 before. On Friday, the US seasonally adjusted non-farm payrolls data for May was 175,000 before and 190,000 before.
One more important piece of news is about to be announced. It is impossible not to be excited. The ADP employment data is called "small non-farm" and has a certain reference value for non-farm payrolls on Friday night.
Of course, I don't work at ADP and I haven't consulted the survey. How can I know the data results? If I say I know, it must be made up. According to this logic, I can even talk about things on alien planets.
If I don't know the data, I won't do it? Of course not. The data results will be reflected in the price K-line. Fundamentals guide the direction, emotions affect prices, and consensus drives the trend.
Assuming that the ADP employment data is bullish and the market expects it to be higher than the previous value, how should the gold price go? Some people say that it will rise, how much, where, and where is the pressure? This is what I need to answer.
On Tuesday, the gold price fell from 2355 all the way until the evening. It is typical: the Asian session fell, the European session continued, and the rebound before the US session (2337) was to lure more, and go short when it saw the high. As long as you go short according to the formula last night, you will definitely make a profit.
This morning, gold continued to rise after the opening. Now it has reached 2337 US dollars when I write this article. It has not stopped rising since the opening. Don't panic. As I said before, you have to confirm the resistance and support points, and then follow up according to the data results.
Now, under the premise of rising pressure, I first look at the rebound high of the US market last night at 2337-38 US dollars. After rushing through it, the next stop is the upper track position of the 4-hour downward trend line formed by 2364, 2359 and yesterday's 2355, 2345-48 US dollars, and then 2365 US dollars.
In 4 hours, the structure has not changed, and there is no need to rush to chase the short at the bottom. You can make a move when the price reaches the position. I prefer the time node of breaking 2300 US dollars before June 12, that is, the interest rate decision in June. This process requires some determination. If you are always so panicked, you can't hold it even if you do it. Today, the gold price is close to the downward trend line, you can go short. The general direction has not changed at present. Pay attention to 2310-2306 below, and 2290-2285 after breaking.
Gold has been consolidating for almost two weeks, and it has been a roller coaster ride. Some friends are almost dizzy. They really want to know whether the gold price will start to rise again or lure more here and wait for a fall?
Then let me tell you that the remaining three trading days this week are crucial. Tonight, the US ADP employment data for May was 192,000 before and 175,000 before. On Thursday, the number of initial jobless claims in the US for the week ending June 1 was 219,000 before and 220,000 before. On Friday, the US seasonally adjusted non-farm payrolls data for May was 175,000 before and 190,000 before.
One more important piece of news is about to be announced. It is impossible not to be excited. The ADP employment data is called "small non-farm" and has a certain reference value for non-farm payrolls on Friday night.
Of course, I don't work at ADP and I haven't consulted the survey. How can I know the data results? If I say I know, it must be made up. According to this logic, I can even talk about things on alien planets.
If I don't know the data, I won't do it? Of course not. The data results will be reflected in the price K-line. Fundamentals guide the direction, emotions affect prices, and consensus drives the trend.
Assuming that the ADP employment data is bullish and the market expects it to be higher than the previous value, how should the gold price go? Some people say that it will rise, how much, where, and where is the pressure? This is what I need to answer.
On Tuesday, the gold price fell from 2355 all the way until the evening. It is typical: the Asian session fell, the European session continued, and the rebound before the US session (2337) was to lure more, and go short when it saw the high. As long as you go short according to the formula last night, you will definitely make a profit.
This morning, gold continued to rise after the opening. Now it has reached 2337 US dollars when I write this article. It has not stopped rising since the opening. Don't panic. As I said before, you have to confirm the resistance and support points, and then follow up according to the data results.
Now, under the premise of rising pressure, I first look at the rebound high of the US market last night at 2337-38 US dollars. After rushing through it, the next stop is the upper track position of the 4-hour downward trend line formed by 2364, 2359 and yesterday's 2355, 2345-48 US dollars, and then 2365 US dollars.
In 4 hours, the structure has not changed, and there is no need to rush to chase the short at the bottom. You can make a move when the price reaches the position. I prefer the time node of breaking 2300 US dollars before June 12, that is, the interest rate decision in June. This process requires some determination. If you are always so panicked, you can't hold it even if you do it. Today, the gold price is close to the downward trend line, you can go short. The general direction has not changed at present. Pay attention to 2310-2306 below, and 2290-2285 after breaking.
Сделка активна
Waiting for gold to fall back todayСделка активна
Gold is falling and we are taking profitsСделка активна
Gold still has a lot of room to fallСделка активна
Gold rebounded in the morning and reached around 2341. The ADP data will be released at 8:15 today. This data will determine the direction of the recent volatile market and set the tone for the Fed's interest rate strategy.As I said in the morning, the high point is still moving down step by step. Today's rebound reached a high of around 2342, and it dropped 10 points from yesterday's high point. Today's follow-up operations are still mainly short-selling, and short orders are still involved when it reaches around 2340
Сделка активна
Wait patiently for the data to arrive
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