XAUUSD: Wait for a drop before rising, target 2800

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Yesterday, Wednesday, the United States released the October "small non-farm" data. The ADP employment in October recorded 233,000, the largest increase since July 2023. These figures are contrary to expectations of economic slowdown after the Boeing employee strike in October and the two brutal hurricanes and attacks on the US East Coast ports.

The subsequent release of the US third quarter real GDP annualized growth rate recorded 2.8%, lower than the expected and previous value of 3%. Consumer spending, which accounts for the largest share of economic activity, increased by 3.7%, the largest increase since the beginning of 2023. At the same time, data from the US Bureau of Economic Analysis showed that the initial value of the annualized quarterly rate of the core PCE price index in the third quarter of the United States rose by 2.2%, roughly in line with the Fed's goals.

Spot gold continued to hit a record high, hitting the $2,790 mark during the day, but failed to get above this level.

From the current point of view, 2,790 is very likely not the high point of gold, but the risk of retracement also needs to be considered.

Therefore, we can't blindly be bullish, but need to wait for a retracement before considering buying

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تم فتح الصفقة

The data just released are bearish for gold. We continue to wait for the range of 2765-2755.