Gold target price for Thursday: above $5,200

Stop loss orders are extremely important when trading gold; without early warning, they are difficult to implement effectively.

The U.S. jobs report released by ADP on Wednesday showed that 63,000 new jobs were created in February, exceeding market expectations of 50,000 jobs and well above the revised 11,000 jobs figure in January.

The market expects that the cumulative interest rate cuts by the end of the year will drop to around 50 basis points, a significant reduction from previous expectations.

This puts direct pressure on gold, which does not earn interest.

The situation in the Middle East: The war has entered its fifth day; safe-haven demand continues to support gold prices, limiting the possibility of a sharp correction in gold prices.

Dubai’s suspension of gold air transportation directly affects about 20% of the world’s gold supply, resulting in a significant reduction in the physical supply of gold.

Current technical analysis:

Strong resistance level: 5250-5300

First resistance level: 5200

Second resistance level: 5220-5240

First support level: 5100

Main support area: 5050-5080

Strong support level: 5000

Buy on dips (conservative strategy)

Access area: Range 5100-5120

Add a position: If the price continues to fall to the 5050-5080 range, it is recommended that you add a position.

Stop loss order: Set a stop loss order below 5020.

Target price:

First target price: 5180-5200

Second target price: 5220-5250

Third target price: 5300

Friday’s non-farm payrolls forecast: The market expects only 60,000 new non-farm jobs to be added in February (previous forecast was 130,000). Weak data could lead to a reversal of the current downward trend.

“We appreciate your continued support. In order to provide a more accurate service and ensure the effectiveness of our advice, we have decided to develop our service.

Rest assured, we will continue to share past analysis, macroeconomic reasoning and high-quality advice through this channel. “

Source link