The ADP report released in the morning said that the pace of hiring slowed sharply in April as companies prepared to deal with the possible impact of US President Trump's tariffs on US trading partners.
This month, the number of new jobs in the US private sector was only 62,000, the smallest increase since July 2024, significantly lower than the expectation of 115,000, and slower than the 147,000 increase after the downward revision in March.
After the data was released, spot gold rose in the short term and once touched around $3,320.
Gold fell to a low of 3,266 in the morning. With the release of ADP data, it was another short-term rise of $50-60.
Many traders may not know where to start with the current gold market and think it is still in the process of rectification.
Of course, it is definitely not wrong to look at it this way, after all, gold is still in the process of rectification.
However, traders should be alert that some Asian countries have entered a trading suspension state starting today, and it will last for about 5 days. The price of gold may fall during this period.
Quaid's analysis:
Gold rose to around 3320 in the morning, but failed to break through the upward resistance level of 3325. And 3320 is the 618 position of the trend Fibonacci from 3352 to the low point of 3266. If 3320 is the current high point of wave B, then 3352 is point A. Then point C is likely to appear around 3230.
Therefore, Quide believes that gold is likely to break down.
Operation suggestions:
Short at 3305-2210, stop loss at 3317, and take profit at 3250-3230.
Thank you for reading. If traders can leave your different suggestions, Quide will be very grateful to you.
This month, the number of new jobs in the US private sector was only 62,000, the smallest increase since July 2024, significantly lower than the expectation of 115,000, and slower than the 147,000 increase after the downward revision in March.
After the data was released, spot gold rose in the short term and once touched around $3,320.
Gold fell to a low of 3,266 in the morning. With the release of ADP data, it was another short-term rise of $50-60.
Many traders may not know where to start with the current gold market and think it is still in the process of rectification.
Of course, it is definitely not wrong to look at it this way, after all, gold is still in the process of rectification.
However, traders should be alert that some Asian countries have entered a trading suspension state starting today, and it will last for about 5 days. The price of gold may fall during this period.
Quaid's analysis:
Gold rose to around 3320 in the morning, but failed to break through the upward resistance level of 3325. And 3320 is the 618 position of the trend Fibonacci from 3352 to the low point of 3266. If 3320 is the current high point of wave B, then 3352 is point A. Then point C is likely to appear around 3230.
Therefore, Quide believes that gold is likely to break down.
Operation suggestions:
Short at 3305-2210, stop loss at 3317, and take profit at 3250-3230.
Thank you for reading. If traders can leave your different suggestions, Quide will be very grateful to you.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.