Gold accurate trading signals

Last week, the international gold price stopped falling and stabilized. Supported by favorable fundamentals, it returned to above the $2,900 mark. The weekly line closed with a small positive line, standing firmly at the key support level of the 5-day moving average (MA5), indicating that the short-term downward momentum has weakened. Technically, the moving average system still maintains a bullish arrangement, but the expansion speed of the red column of the MACD indicator slows down, suggesting that the market may need further adjustments to accumulate upward momentum. At the beginning of this week, the gold price may continue to fluctuate in the range, and it is necessary to pay attention to whether the resistance level of the 2925-2930 area above can be broken.
Gold technical analysis:

The daily chart shows that the non-farm payrolls data that fell short of expectations has strengthened the market's expectations that the Fed will slow down the pace of interest rate hikes, pushing the gold price to form a staged bottom support. The current short-term moving averages (such as the 5-day and 10-day moving averages) tend to stick together and fail to effectively guide the direction, while the MACD indicator has entered a correction cycle, and it may be difficult to quickly expand the gains in the short term. In terms of operation strategy, it is recommended to adopt the idea of ​​"pullback and long". If the gold price falls back to the 2890-2885 range, long orders can be arranged, and the target is above 2920. It should be noted that if the previous high point is not effectively broken through, it may trigger the risk of a second bottoming out. On the whole, although there is a certain adjustment pressure on the short-term technical side, the medium- and long-term bullish trend has not changed fundamentally, and geopolitical risks and expectations of a shift in the Fed's policy still provide solid support for gold prices.
Gold operation suggestions: Go long near 2890-2885, stop loss 2878, target 2918