Gold market analysis: fierce struggle before the release of non-agricultural data, analysis of main support and resistance levels

During the Asian session, the price of gold continued its weak and volatile pattern. The price of gold briefly fell to the key support level near 5066, and then quickly rose to around 5143. However, gold prices resumed their decline during the European session and currently hit a low near 5075, giving up almost all of the morning’s gains. The market is stalling between buyers and sellers around current price levels, awaiting directional guidance from tonight’s non-farm payrolls data.

🌍Geopolitical factors are intertwined, and gold prices fluctuate at high levels🌍

Market volatility re-emerged ahead of the release of non-farm payrolls data. The interplay between geopolitical tensions in the Middle East and expectations for Federal Reserve policy has pushed up the U.S. dollar index and U.S. Treasury yields, putting pressure on gold prices. Against this background, the price of gold fluctuated sharply at high levels, the long and short competition was fierce, and the market was tense.

📊 Overview of non-farm payrolls data: Weak outlook, bulls and bears wary📊

The U.S. non-farm payrolls data scheduled to be released tonight has attracted great attention from the market. At present, the market generally expects weak data, and both bulls and bears have internalized this expectation. The release of the data may trigger short-term price movements. It is worth noting that the early rise and then fall indicates that gold prices may continue the current consolidation pattern regardless of the impact of the data. However, if the data is positive for gold, the market could rise quickly, creating a pullback effect.

🔍Technical analysis: weak fluctuations, pay attention to the main support level🔍

Technically, gold is currently in a weak and volatile pattern. In the short term, the continuation of the sharp decline should be closely monitored. The main support level is around 5050-5060. If gold can hold these levels, there is still a chance for a counterattack. Yesterday’s initial jobless claims data were negative, and gold prices rose after hitting the lowest point of 5050, confirming the importance of this support level. Today’s trading strategy should continue to focus on the support level at this time.

📈 Four-hour chart: clear support and resistance levels 📈

Judging from the 4-hour chart, the short-term support level is around 5050-5060, while the psychological support level of 5000 points is more important. The short-term resistance level worthy of attention is near 5230-5240 points. A pullback could provide buyers with an entry opportunity before the current trend becomes clear. Once the trend is clear, investors should actively seize trading opportunities and give priority to conservative strategies. Callback buying is still the main strategy.

🔥 Gold Trading Strategy Advice🔥

1. Buy gold when it falls to the 5050-5065 area, stop loss at 5033, and target 5230-5240. If the price exceeds this level, hold the trade.

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