Last week's weaker-than-expected data was the main driving force for the rise in gold prices, including the possibility of an escalation in the current geopolitical conflict, which also pushed up gold's safe haven. Therefore, combined with the influence of various factors, gold has room to rise during this period. . The focus of the market this week is to pay attention to Federal Reserve Chairman Powell's testimony to Congress for two consecutive days this week. Based on the actual content, he will look at the determination of the current U.S. economic situation that is more dovish and more hawkish. In addition, during the week, we will also see the announcement on Friday. The impact of U.S. non-farm payrolls data in February
Today’s focus is on data: the final value of the Markit service industry PMI in February in the United States, the ISM non-manufacturing PMI in the United States in February, and the monthly rate of factory orders in the United States in January.
Gold is currently blocked near 2120, and the previous high was 2145. It can be seen in 4H that it has deviated too far from the trend line, so I will not choose to buy it now. Gold may adjust at any time, but because the upward trend is still very strong, so now Selling is not a wise choice. I think the success rate of gold trading here will not be too high.
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