Will Gold Surge to New Heights or Face a Pullback?
Dear friends,
Gold is currently trading around $2,665, down $5 compared to the previous session.
Meanwhile, buyers appear to be pausing as the market focuses on the upcoming U.S. Non-Farm Payrolls (NFP) report this Friday. Two main scenarios could unfold:
If employment data exceeds expectations, the USD could strengthen, putting downward pressure on gold.
If the data falls short of expectations, it may provide significant momentum for gold to rise, especially as expectations for the Fed to slow its pace of rate hikes become increasingly clear.
In theory, any efforts to push gold prices lower may face resistance, as global geopolitical tensions remain a key factor. Any escalation in tensions could ignite safe-haven demand, supporting gold's upward trend. Currently, the $2,652 - $2,645 support zone is crucial to watch, as it will determine whether gold holds steady for a potential rebound or falls further for additional corrections.
Will gold conquer new highs, or will it retreat for deeper adjustments? Stay tuned as we anticipate the market’s next moves!
Gold is currently trading around $2,665, down $5 compared to the previous session.
Meanwhile, buyers appear to be pausing as the market focuses on the upcoming U.S. Non-Farm Payrolls (NFP) report this Friday. Two main scenarios could unfold:
If employment data exceeds expectations, the USD could strengthen, putting downward pressure on gold.
If the data falls short of expectations, it may provide significant momentum for gold to rise, especially as expectations for the Fed to slow its pace of rate hikes become increasingly clear.
In theory, any efforts to push gold prices lower may face resistance, as global geopolitical tensions remain a key factor. Any escalation in tensions could ignite safe-haven demand, supporting gold's upward trend. Currently, the $2,652 - $2,645 support zone is crucial to watch, as it will determine whether gold holds steady for a potential rebound or falls further for additional corrections.
Will gold conquer new highs, or will it retreat for deeper adjustments? Stay tuned as we anticipate the market’s next moves!
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