2.3 Morning Gold Trading Ideas

Today, international gold opened with a continuation of yesterday’s rebound trend, showing oscillation and strength in the early trading session; the US dollar index slightly weakened in the morning, providing direct support for gold prices to rise.

There are no major economic data releases today, and combined with the official announcement from the U.S. Bureau of Labor Statistics that Friday’s non-farm payroll data will be delayed, market focus this week will shift to ADP employment data and initial jobless claims. Such data are expected to support gold prices positively, potentially easing the downward momentum since the beginning of the week. Overall, it is likely that gold prices will mainly fluctuate or rebound this week.

From a technical perspective, yesterday’s gold price rebounded supported by the 60-day moving average, with the closing pattern showing signs of stabilization and a halt in the decline. However, the bulls have not yet broken through the joint resistance of the middle Bollinger Band and the 5/10-day moving averages, and there is no clear sign of a strong reversal in the short term. Before the price effectively stabilizes above this resistance zone, there remains a risk of a second decline. It is recommended to adopt a sideways approach in the short term, and adjust strategies after breaking through key resistance to confirm a trend reversal.

Key levels for today:
Support levels: Focus on the 4640 level, with strong support near 4560.
Resistance levels: Short-term focus on the 4900 resistance, with further resistance at the 5000 integer mark.
Trading strategy for today: Consider long positions on dips around 4750-4760, targeting 4840 and 4870!