Gold Being a Bit Stubborn ?🤬

Alright , Even with all this weak US economic data and talk of the Fed cutting rates , gold just isnt budging much . Its like its refusing to play by the usual rules !

Data Watch: ISM Services on Deck
With that in mind , everyone got their eyes to the upcoming ISM services data release later today (10.00PM Malaysia time) .

This report is a big deal and a weak number could be the push gold needs to climb higher.

Analysts are expecting a reading of 50.5 for May , which is a bit better than April 49.4 . But , anything lower than that forecast could send gold prices soaring .

But Wait , There More (the NFP Report !)
The real game-changer , though is the Non-Farm Payrolls report coming out on Friday (8.30PM Malaysia Time) .

This one report could basically decide where gold goes for the rest of the week . Talk about pressure !

Technical Talk: Short-Term Signals
Now , lets get down to the charts for a sec . Looking at the daily timeframe , things are leaning a bit bearish (that means a potential price drop) with about 60% pointing in that direction .

But , things can change fast !

On the 1-hour timeframe , its all about the blue box . If a strong candle breaks above that resistance zone that could be a buy signal .

The same goes for the support zone a break below could signal a sell off .

So, What Does It All Mean?
Honestly , gold is a bit of a wild card right now . The data , NFP report and those technical signals will all play a role in where it goes next .

Stay tuned, stay informed, and be ready to adjust your strategies as needed !

$Gold Futures(AUG4)(GCmain.US)$

Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only. Read more

Translate

Report

110K Views

Comment

King Crab

9+ years trading experience . Can navigate a market crash but still tripping over my crush . 😍🥹😭

186Followers

1Following

441Visitors