Gold prices rose to a near one-week high on Thursday (September 5) as the dollar weakened and yields fell after signs the Labour market was losing steam led investors to expect the Federal Reserve to slash interest rates this month.
Gold spiked after the ADP data, which does indicate "tough labor market conditions and people are very concerned about that," said one strategist.
Spot gold rose 0.82% to $2,515.86 an ounce.
Operation suggestion: The gold daily line gave the lowest to the position of 2493.6 after the market shock pull up, the daily line reached the highest position of 2523.5 after the market collated, the daily line finally closed in the position of 2516.4 after the market with a longer dayyang line closed, and after such a form ended, today's market has a broken form, However, if the pressure of 2532 still cannot be effectively broken, then the market will start the process of volume fall, and the point is on.
Trading strategy: long near 2507, stop loss 2500, target 2524-2532.
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