Gold Spot / U.S. Dollar
Updated

Gold prices are accurately predicted to fall!

1 952

Yesterday's ADP data showed a 32,000 drop in September jobs, the largest drop since March 2023. August's figures were also significantly revised downward.

This indicates a continued deterioration in the employment situation. Coupled with the US government shutdown, this has directly pushed gold prices to new heights. Due to the government shutdown, Friday's non-farm payroll report may not be released as scheduled, which will amplify the importance of yesterday's ADP private sector employment data.

The market is pricing in two more interest rate cuts before the end of the year, with a probability of over 90% for each 25 basis point cut. So don't expect a sharp drop in gold prices. The current news doesn't support this scenario. At most, it's a small correction, a test of the bottom and a rebound.

So, do you think gold can hold up at 3,900? As for where it will go, I have no idea. We've entered no-man's land now. Just keep following the trend upwards. It's like climbing a ladder: the ladder is already set, it just depends on whether you dare to climb. My personal prediction is that 4,000 gold will be a good bet.

Today's intraday trend is a slow upward trend with fluctuations. The short-term trend is not strong. Yesterday's daily line closed with an inverted line. Today, we can see a decline based on the high of 3895. This is a short-term trend. So don't chase the rebound before the US market opens. First, we will see a high and then a decline in the US market. Then we can see the strong support at 3820 before we can see an upward trend!
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Facts have proved that the price I bought yesterday was very correct. Gold did not continue to fall as many people said, but started to rise!

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