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Gold: the battle for 2000 points

Fundamental Analysis.

Friday (May 5) the U.S. April non-farm payrolls report was unusually hot, April unemployment rate hit a new low, payroll growth remained high, inflationary pressures remain, the odds of a rate cut cooled, recession worries have cooled, gold plunged $50 during the day, nearly holding the 2000 mark. Looking ahead, with the concentration of risk aversion release, short-term gold prices may fall, but in the recession worries and monetary policy adjustment in developed economies is expected to stimulate, gold prices are likely to continue to move higher.

Spot gold XAUUSD four-hour chart

Technical analysis.

4 hours chart, gold in the high 2080 near the retreat, while MACD volume above the zero axis sharply reduced, short-term by the pressure of the obvious, support concern near the 2000 mark, resistance concern near 2030, the trend to a wide range of oscillation view.

Resistance level:2030 2060

Support level:2000 1980

Trading strategy: 2000 bullish above, the target 2030 2060   
Alternative strategy: 2000 bearish below, the target 1980 1970

The above information is provided by special analysts and is for reference only. CM Trade does not guarantee the accuracy, timeliness and completeness of the information content, so you should not place too much reliance on the information provided. CM Trade is not a company that provides financial advice, and only provides services of the nature of execution of orders. Readers are advised to seek relevant investment advice on their own. Please see our full disclaimer.

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