The market is waiting for the US non-farm payrolls in June

Fundamentals:

In the past two trading days, due to the holidays in the United States, market fluctuations were mainly range-bound. The US economic data released in the past few weeks have been mixed. On the good side, inflationary pressures continued to slow down, but manufacturing performance recorded continuous growth. Eight months of contraction. In addition, the number of people filing for unemployment benefits rose in early June. Whether the labor market is loosening has become the focus of market attention.

The speeches of the Fed chairman and officials in the past few weeks have been particularly hawkish, supporting the view at the last meeting that there is still a possibility of raising interest rates by 50 basis points this year. The current market expects the Fed to raise interest rates by another 25 basis points in July Climbed to 86%, which formed a certain suppression of gold prices.

Poor manufacturing data and easing of supply chains and rising borrowing costs also dampened demand. This is good news for easing inflation, but it also raises questions about the Fed’s plan to raise interest rates by 50 basis points within this year.

Technical aspect:

7/5 XAUUSD Pressure resistance: 1927/1930/1934/1939/1945; Support position: 1923/1920/1912/1905; In the daily cycle, the gold price has a demand for callback and correction. The overall structure of the weekly line is still weak, but the downward momentum has slowed down. In the daily line cycle, the gold price recorded a positive line on Friday after recording a doji last Thursday. The combination of the daily K-line The bottoming bullish pattern of Qiming Star has appeared. On the daily line cycle, the gold price still has the kinetic energy to rise. The gold price has recorded a small positive line for two consecutive days on the daily K. The upward momentum has been significantly reduced. There is a need for correction in the short term. The short-term trend of the cycle is more volatile but the kinetic energy is obviously slowing down. There is a need for correction. The short-term pattern of the one-hour cycle is a range-bound consolidation pattern. The current one-hour cycle focuses on the breakthrough of the 1920-1931 range. The short-term within the day focuses on the 1920 position. Stabilizing above this position, the price of gold is expected to fluctuate and rise. Once the price of gold breaks below this position, the price of gold will enter a four-hour period of range shock consolidation, with a price range of 1905-1930. In the short-term within the day, the operation of selling high and buying low can be carried out in the one-hour shock range of 1920-1930. If the price effectively falls below the 1920 position, you can follow up the short-term target to the 1913-1907-1903 range price)

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