Juejin Old Cat: March 9th Monday Morning Gold Opening Outlook

After the non-farm payroll data was released on Friday, gold experienced a strong rally, reaching a high of $5174.78. Before the market closed on Saturday early morning, gold prices remained high, ultimately closing at $5174.59, showing a strong bullish finish.

On the news front, the non-farm payroll data was significantly weaker than expected, and market expectations for a Fed rate cut continued to rise. The dollar and U.S. Treasury yields weakened, combined with geopolitical risk aversion and ongoing global central bank gold purchases, providing solid support for gold. Overall, weekend news was predominantly bullish with no clear negative signals.

Technically, the gold price closed above the key level of 5170, with short-term moving averages in a bullish alignment. The upward trend remains intact, with strong support at the 5150-5160 range below and short-term resistance at 5195-5200 above. The technical pattern favors continued bullish momentum.

Overall, on Monday morning, gold is likely to open higher and then experience a slight pullback. After confirming support, it is expected to continue a mildly volatile upward trend. The main strategy is to buy on dips, focusing on opportunities to go long after support stabilizes, avoiding chasing highs blindly, and maintaining a cautious approach.

Monday Morning Specific Operations
- Buy on dips around 5155-5160, with a stop loss at 5145, targeting 5195-5200, and a breakout target at 5220.
- Short on rebounds between 5200-5205, with a stop loss at 5220, targeting 5180-5170.

Support levels: 5155-5150
Resistance levels: 5195-5200-5220

Disclaimer: The above analysis is for market outlook only and does not constitute investment advice. Trading involves risks; please trade cautiously and implement strict risk management.