The market continued to be driven by geopolitical factors this week, as the retreat of market panic weakened gold's risk-averse attractiveness.Although the war between Israel and Hamas continues, the conflict is still limited to the Gaza Strip, temporarily controlling the ongoing chaos in the Middle East. Therefore, future changes still need to continue to pay attention to the geopolitical impact.Since there are not many economic data to be released this week, investors will continue to observe the impact of the Fed's monetary policy
Last Friday, the U.S. Department of Labor released the October non-farm payrolls report. The new non-farm payrolls were 150,000, which was lower than the expected value of 180,000, and almost half of the previous value of 297,000. The unemployment rate increased by 0.1% from September to 3.9%, the highest level since January 2022, and the market expectation is 3.8%.The year-on-year increase in wages slowed by 0.1% from the previous value to 4.1%
After the release of non-farm payrolls data in November, gold peaked for the third time in 2003. In line with the previous high of 1998 and the double peak of 2009, it may form a daily head and shoulder peak in the future market. This week, the focus is on whether the 2003 right shoulder high is broken. If it has been below 2003 and there is an effective decline, then the head and shoulder peak pattern of the daily line can have a greater room for decline in the future market.
This week, gold is still fluctuating in a range. The current daily cycle is very wide in the upper and lower ranges of the market. Whether it continues to rise or turns to fall, it will take time to verify. It is not known for the time being, but in real trading, at least buy cautiously below 2009.The H4 cycle Bollinger bands closed obviously, which is a very obvious narrow range shock.
We need to pay attention to the upper resistance point range:
2002-2010
1995-1998
1988-1992
Pay attention to the range of support points below:
1970-1975
1962-1968
Now within the range, you can still buy at the support level or sell in the resistance range. Set a reasonable position according to your funds. If gold breaks through the range, you need to make a stop loss.
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There is no chance yet, wait patiently for the opportunity to appear
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What is gold waiting for today?
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Gold's volatility today is very small, but it has been in a weak rebound
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Today's strategy is correct, reaching the first resistance range to fall, as long as you follow my strategy, your success rate will be greatly increased
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