How should gold be positioned after the ADP data is released?

Although the current ADP data is positive, and the US GDP in the first quarter is sluggish, the risk of US recession has increased, but gold has not risen sharply, and the 1H moving average is still radiating downward. At present, it can only be regarded as a short-term correction to the oversold area. If the upper 3300-3310 does not break, you can go short. Brothers who have made profits now can exit the transaction in time. We are patiently waiting for entry opportunities.

If you agree with this point of view, or you have a better idea, please leave a message in the comment area. I look forward to hearing different voices.

Trade active

At present, the upside space of gold is limited. If you suppress it at 3320, you can increase your position slightly once.

Trade closed: target reached

Just now, I closed my short position when gold fell back to around 3295. At present, the gold price has insufficient momentum to rise. The upper level of 3320-3300 still exerts a strong suppression on the gold price, while the lower level of 3270-3260 support is still strong. I will wait for gold to rebound before going short.

SELL 3320-3330
TP 3300-3290

AllenBoswell

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