GOLD fluctuates strongly, affected by ADP and Trump's policies

3 วันที่ผ่านมา

XAUUSD Spot trading fluctuated strongly due to the impact of US jobs data and news of Trump's tariffs.

ADP's national jobs report, also known as the "small nonfarm" report, showed that private-sector job growth in the United States slowed in February, with just 77,000 jobs created, well below the expected 140,000 jobs.
"Policy uncertainty and slowing consumer spending may have contributed to a slowdown in layoffs or hiring last month."
ADP chief economist Nela Richardson said in a statement. "Our data, combined with other recent indicators, shows that employers are hesitant to hire as they assess the future economic environment."

After the ADP data was released, the US Dollar index fell sharply, and spot gold prices recovered strongly from the lowest level in Wednesday's trading session of 2,894.27 USD/ounce. As of the time this article was completed, spot gold was trading at 2,923USD/oz, an increase equivalent to 0.15% on the day.

WASHINGTON (Reuters) - U.S. President Donald Trump will waive tariffs on Mexico and Canada for one month for automakers, responding to calls from industry leaders, the White House said on Wednesday.
"We will give a one-month exemption to any imported cars that come in through USMCA," White House press secretary Karoline Leavitt said. "The tariffs will still be in effect on April 2, but at the request of the USMCA companies, the president will give them a one-month exemption so they are not financially disadvantaged."

According to Bloomberg, US President Trump is considering reducing tariffs on some agricultural products from Canada and Mexico. On Wednesday local time, US Secretary of Agriculture Brooke Rollins said "everything is on the table" and hoped the government would decide to provide relief to the agricultural sector.
Specific waivers and exceptions for the agriculture industry, which could include potash and fertilizers, have not yet been determined, Rollins said at the White House. “We believe that the President (Trump) cares very much about these communities,” Rollins said at the White House.

On the geopolitical front, aides to Ukrainian President Volodymyr Zelensky discussed steps toward peace with the U.S. national security adviser, and Ukraine and the United States agreed to meet soon. The cooling geopolitical situation in Ukraine can be seen as a pressure on gold prices in the short term.

Analysis of technical prospects for XAUUSD
Concerns about Trump's tariffs have pushed safe-haven gold prices to an all-time high 11 times this year, peaking at $2,956 an ounce on February 24 and rising 11% this year.

On the daily chart, gold is currently trading with a newly formed price channel, and the next notable target level at $2,942 is more of an all-time high. However, in terms of momentum, it is facing some obstacles due to the 61 level of the RSI Relative Strength Index. If RSI breaks above this level, this will be a positive signal for price momentum.

Even if gold falls below the price channel, it still has a bullish outlook, the current declines should still only be seen as a short-term correction or a buying opportunity.

Some notable locations of the day will be listed as follows.
Support: 2,900 – 2,880USD
Resistance: 2,942 – 2,956USD

SELL XAUUSD PRICE 2943 - 2941⚡️
↠↠ Stoploss 2947

→Take Profit 1 2935
↨
→Take Profit 2 2929

BUY XAUUSD PRICE 2877 - 2879⚡️
↠↠ Stoploss 2873

→Take Profit 1 2885
↨
→Take Profit 2 2891

3 วันที่ผ่านมา

บันทึก

Spot gold price fell below 2,900 USD/ounce, down 0.66% on the day.

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🔴The world's largest gold ETF, SPDR Gold Trust, saw its holdings fall by 1.72 tonnes from the previous day and its current holdings stand at 898.64 tonnes.

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The US NFP index in February was 151,000, slightly lower than market expectations, and the unemployment rate was 4.1%, the highest since November 2024.