✅ Today’s ADP report came in bullish for gold,
✅ Meanwhile, the Federal Reserve’s Beige Book reveals:
A slight slowdown in economic activity
Increased policy uncertainty and price pressures for businesses and consumers
An overall pessimistic economic outlook
📌 Combined with ongoing geopolitical tensions, this creates a supportive backdrop for safe-haven buying in gold.
🔍 Technical Outlook (1D Chart):
Gold is still facing a bearish divergence on the daily chart. For this to resolve, the market must choose between:
1️⃣ A strong breakout with volume, pushing toward 3430–3450
2️⃣ A pullback to repair structure, including filling the gap below 3300, which may later fuel a rally toward 3500+ if bullish catalysts arise
📅 Key Events to Watch This Week:
Thursday: Initial Jobless Claims
Friday: NFP (Nonfarm Payrolls)
⚠️ Also monitor developments on trade tariffs, which may affect market sentiment
📊 Short-Term Trade Plan (Range Strategy):
🎯 Key levels to watch:
Resistance: around 3400
Support: near 3366
📌 Consider range trading between 3408–3358, selling highs and buying dips with strict risk control.
✅ Meanwhile, the Federal Reserve’s Beige Book reveals:
A slight slowdown in economic activity
Increased policy uncertainty and price pressures for businesses and consumers
An overall pessimistic economic outlook
📌 Combined with ongoing geopolitical tensions, this creates a supportive backdrop for safe-haven buying in gold.
🔍 Technical Outlook (1D Chart):
Gold is still facing a bearish divergence on the daily chart. For this to resolve, the market must choose between:
1️⃣ A strong breakout with volume, pushing toward 3430–3450
2️⃣ A pullback to repair structure, including filling the gap below 3300, which may later fuel a rally toward 3500+ if bullish catalysts arise
📅 Key Events to Watch This Week:
Thursday: Initial Jobless Claims
Friday: NFP (Nonfarm Payrolls)
⚠️ Also monitor developments on trade tariffs, which may affect market sentiment
📊 Short-Term Trade Plan (Range Strategy):
🎯 Key levels to watch:
Resistance: around 3400
Support: near 3366
📌 Consider range trading between 3408–3358, selling highs and buying dips with strict risk control.
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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.