In early Asian trading, spot gold fluctuated in a narrow range and is currently trading around $2,915.60 per ounce. Gold prices have fluctuated at high levels for three consecutive trading days, but they still rose 1.85% on a weekly basis, helped by safe-haven inflows and the U.S. employment report showing that job growth in February was lower than expected, suggesting that the Federal Reserve is expected to cut interest rates this year. In addition, the volatile tariff policy of U.S. President Trump has also increased uncertainty.
From a technical perspective, gold is currently fluctuating at a high level on a weekly basis. The strength and duration of the weekly retracement are not large. The short-term moving average continues to diverge upward. Gold continues to maintain a relatively strong trend in the large-scale cycle. The daily line is currently fluctuating, and the short-term moving average is basically in a state of adhesion and flatness. The price is temporarily compressed between 2890-2930. Before breaking through 2930, do not rush to chase the highs, and wait patiently for a wave of retracement to stabilize and be bullish. If 2930 can be suppressed successfully, continue to see a wide range correction
From the 4-hour cycle, the overall trend is in a wide range correction. From the technical indicators, the BOLL upper rail pressure is at 2927, and the lower rail support is around 2900. From the moving average, MA5-MA10 is glued near the BOLL middle rail. No golden cross or dead cross can be seen for the time being. The KDJ indicator is running at a low level, and the indicator also shows oversold. The condition on MACD is that the fast line and the slow line are glued together. Combined with the existing indicators, the current price is more inclined to correction and the repair of indicators. The short-term operation is recommended to see 2930-2900 range oscillation, with short-term high-altitude as the main and low-multiple as the auxiliary!
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