9.6 FPG gold trend analysis

XAUUSD H4

Last night, the US released the small non-farm ADP data and the number of people receiving unemployment benefits. The small non-farm added only 0.099 million jobs, far below the previous value of 0.122 million and the expected 0.145 million, marking the smallest increase since January 2021. This further indicates the weakness of the US labor market, below the normal level. In a high-cost, high-interest rate environment, companies have significantly reduced their scale, slowing down employment demand, leading the market to believe that the Federal Reserve should accelerate the rate cut. However, 15 minutes after the release of the ADP data, the number of people receiving unemployment benefits for the previous week was announced, but surprisingly, it was lower than the previous value and lower than expected. The two employment data points contradict each other, and the US dollar index quickly rebounded from below the 101 level to 101.3. However, the ADP non-farm data is provided by an automatic data processing company, while tonight's NFP non-farm data is provided by the US Bureau of Labor Statistics, and tonight's data will have a greater impact on the entire market.

On the technical side, it was mentioned yesterday afternoon that the fluctuations in gold would use the dense trading range between 2500-2505 as the upper and lower boundary of the recent wide-ranging oscillation range (2530-2470). Yesterday, the price broke through 2505 and reached a high of 2523 before falling back to 2504, confirming that the current volatility range is the upper range above the dividing line. There will be a large volatility tonight, so enter the market cautiously.

The first resistance level above is 2520, the second resistance level is 2525, and the third resistance level is 2531.

The first support level below is 2510, the second support level is 2505, and the third support level is 2500.

#This advice is general in nature and does not take into account your specific financial situation and needs. Investment involves risks, so please assess cautiously.#