Gold oscillation: the money-making window opens; tonight's ADP and Fed speeches will determine the direction

Although we predicted a downward breakout this morning, the market did not move as expected. Currently, it remains within a narrow range with sideways fluctuations. However, the overall bearish momentum is still strong, and this oscillating pattern is likely to continue until tonight's data is released.

There are two important events tonight: the ADP non-farm employment change at 21:15 and speeches by Federal Reserve officials. These two major macroeconomic data points are highly likely to break the recent two-day oscillation pattern.

Since we cannot predict major macro data in advance, there is no need to guess the market direction before the data is released. Just trade within the range, buying low and selling high, which is a rare opportunity to make money right now.

Before the data release: support long positions around 4985 to 4975; resist short positions around 5025 to 5035. Strictly set stop-loss orders and steadily capture profits within the range.

From the overall structure and price action, we personally lean towards a bearish outlook. However, we won't make strong predictions before the data is out and will focus on range trading first. After the data is released tonight, wait for a breakout: if it breaks upward, go long; if downward, go short. Enter the market at the breakout levels directly without hesitation.

Disclaimer: This analysis is for reference only and does not constitute investment advice. The market carries risks; trade cautiously.