n testimony before Congress on Wednesday, Powell said he expected the Federal Reserve to cut interest rates and that a U.S. recession was unlikely, but he stopped short of committing to any timetable for easing policy because he was unsure of further progress in lowering inflation. Data showed that U.S. private employment growth was slightly lower than expected in February, with ADP employment increasing by 140,000 in February. The U.S. Department of Labor's Job Vacancy and Labor Turnover Survey (JOLTS) showed that job vacancies dropped slightly in January, while the number of job openings decreased, and labor market tensions continued to gradually ease. This week the market is waiting for the February non-farm payrolls report to be released on Friday. According to surveys, the U.S. Department of Labor is expected to announce on Friday that non-farm payrolls increased by 200,000 in February.
Gold has been rising since last Friday. Why didn't I buy it? First, I am in awe of the market. Second, from a technical point of view, gold has always faced the need for adjustment, so now I can only wait patiently. The ADP data released this time, The content of Federal Reserve Chairman Powell’s speech reflects a dovish signal, which has a certain positive stimulating effect on gold.
Today we will continue to observe whether the unilateral moving average support is broken. The support is at 2135. As long as it does not fall below, you can still wait for the support to buy. Now it seems that only buying can make a profit, but if gold starts to adjust, there will definitely be a lot of room for decline, so Trading gold is still only possible with small positions.
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הערה:
Tomorrow’s non-agricultural data will be key
