Technical analysis by Market_Trader about Symbol PAXG on 2 hour ago

Information Summary: Spot gold fluctuated narrowly in early Asian trading on Friday, currently trading around 3555. International gold, a traditional safe-haven asset, hit a record high of 3578 on Wednesday amid growing global economic uncertainty. Traders are focused on the upcoming US non-farm payroll report, which could directly influence the pace of the Federal Reserve's interest rate cuts and, in turn, gold's performance. Market Analysis: After seven consecutive days of gains, gold experienced a sharp sell-off in Thursday's Asian session. Technically, this closing pattern is likely a continuation of an upward trend, as prices remain within the ascending channel. Furthermore, a double top or head-and-shoulders top formation has yet to emerge and establish. The daily chart retreated to yesterday's 5-day moving average near 3511 before bottoming out and rebounding, rebounding again to around 3560 in the European and American trading sessions. The short-term 4-hour chart shows gold prices trading within the upper middle limit of the Bollinger Bands, with the moving averages converging and the hourly Bollinger Bands closing. Regarding news data, focus on the non-farm payrolls today. While the market's forecast is slightly bearish, the 4.3% increase in the unemployment rate is bullish. On the last trading day of this week, we will focus on wide range fluctuations, with low-level long positions as the main layout during pullbacks and high-level short positions as auxiliary. In the current environment, weak employment indicators have reinforced expectations of rate cuts and also supported the safe-haven demand for gold, but if the data exceeds expectations, gold may face greater pressure. However, if the data exceeds expectations, gold may face greater pressure. Trading Strategy: Long around 3535, stop loss at 3525, target 3560-3570-3590. Short around 3575-3580, stop loss at 3590, target 3540-3520-3500.