[ad_1]

Gold prices enter limited trading range: $4650-4730.

Gold prices broke above $4,700 before falling to $4,680.

This is not a sell indicator; chart analysis suggests this is likely a consolidation phase.

With only two days left this weekend, it’s a great time to strategize. The real test will come next Monday when U.S. non-farm payrolls data for April is released.

Current trading strategy:

As long as gold prices remain above $4,650, the day trading strategy is to wait for prices to fall before buying.

Stop loss: 4615-4620 US dollars range.

The current market situation is very clear: institutional investors regard the $4,500-4,550 range as a “golden buying opportunity,” and investors looking to buy on dips have already entered the market.

Next Monday (May 11): The United States will release April non-farm payroll data, which is the only indicator that determines whether the Federal Reserve will cut interest rates.

My personal expectations:

If the non-agricultural data is lower than expected and the market expects an interest rate cut, gold prices will rise sharply.

However, if the non-agricultural data is stronger than expected, high interest rates will last for a longer period of time and gold prices will fall back to lower levels.

Therefore, the current price level of $4,680 is an important balancing point before large funds make investment decisions based on this data.

Main price levels:

First support level: $4650-4680

Basic defense zone: $4580-4600. A break above this level will have a negative impact on the uptrend.

Iron bottom (the dividing line between bullish and bearish trends): $4,500. A break above this level will have a negative impact on the bullish trend logic.

First resistance level: $4730-4750. This is a major resistance area, and a short-term rebound breakout is unlikely.

Target breakout price: $4800-$4850. After the price stabilized above $4,750, the target price is $4,800-4,850.

With no major economic data to be released tomorrow (Friday), gold prices are expected to fluctuate slightly between $4,650 and $4,730 on Thursday and Friday as major traders wait for non-farm payrolls data.

In this market, a few always win at the expense of the majority.

Follow me, I am a famous financial blogger and professional trader from Canada. Thank you for your comments and I will respond to every comment.

[ad_2]

Source link