During the Super Data Week, will XAUUSD drop to 1804?

Powell will testify before the Senate Banking Committee on Tuesday on the Fed's semi-annual monetary policy report. He will then testify before the House Financial Services Committee on the same topic on Wednesday. The market will also digest the latest non-farm payroll report for February, which is widely expected to add 200,000 jobs, with an unemployment rate of 3.4%. The upcoming testimony of Fed Chairman Powell and the February employment report will guide the direction of precious metals.

The February employment report and Fed Chairman Powell's testimony in Congress this week should clarify whether recent comments about "continuing higher interest rates" are justified. In the short term, gold is still heavily dependent on data and the trend of the US dollar. If the Fed ultimately decides to raise interest rates, the trend of gold will be suppressed, and there will be a wave of downward movement.

Looking at the hourly chart of XAUUSD, the current trend is running within the range of 1840-1860. It is expected that the overall trend will not form an effective breakthrough before explosive news comes out. Therefore, there is a demand for a decline when the trend reaches around 1860. Short-term traders can operate by selling high and buying low in this range.

This week is the Super Data Week, with CPI, PPI, ADP, and NFP data, and the release of each data will directly affect the trend of gold, and is also the key to breaking the oscillation range. Personally, I will continue to pay attention to the release of data and the speeches of the Fed, and provide friends with the latest operational ideas. Thank you for your attention and support.

Trade active:

Focus on the 1840-1860 interval

Trade active:

1840