Gold rebound does not continue, continue to short gold

Because the ADP data was lower than expected, suggesting that the US labor market is cooling, the possibility of the Federal Reserve cutting interest rates has increased, which has put downward pressure on US Treasury yields. Combined with the geopolitical tensions caused by the ongoing conflict in the Middle East, it continues to be a driving force for gold prices to avoid risks, and gold unexpectedly rose to around 2375.

Despite these factors stimulating the rise of gold, as the market waits for the NFP report on Friday, the upside space for gold is still limited. At present, gold has stopped at around 2375 and has not continued to rise above 2380. So for the trend of gold, I think gold will continue to fall.

First, the intraday Asian session continued to rise and hit 2375. From 2315 to 2375, it has risen by as much as $60. The entire rise process is too fast and too hasty, which is inconsistent with the bottoming rebound and slow-paced rise pattern. However, the overly fast and hasty rise will only consume the rising momentum too quickly, and the continuity is very poor;

Secondly, the time rhythm is wrong. A real upward pattern, under normal circumstances, will be a certain correction in the Asian session of the next trading day after the strength at the end of the previous trading day. No matter it is a retracement or sideways trading, a correction action is needed. The London trading session is moving higher, so that there will be strength and better continuity. There is a lack of correction in the Asian session and it rises directly, which makes it seem like the bulls have some false breakthroughs.

Therefore, I still see gold continuing to fall, and I am still holding the short position added near 2372. Now gold has fallen back to around 2360. The lowest has even fallen below 2360. Gold should still have room to fall. Let's look forward to it together!

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Gold will fall further, 2345

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Although the initial jobless claims data is bullish for gold, gold has fallen instead of rising, and the current lowest point is around 2355. My short position near 2372 has been manually closed at 2358.

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Before NFP, it is difficult for gold to form a unilateral market. After gold rebounds, you can consider continuing to short gold.

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Continue to short gold

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