From a technical standpoint, it is noteworthy that the market has rebounded from both the 200-Day Exponential Moving Average and the 61.8% Fibonacci level. This suggests that the market is likely to continue displaying volatility, but it appears to be attempting to find stability and potentially move higher. The 200-Dayis a key indicator that garners considerable attention from market participants. If buying pressure persists, the $1950 level will likely be targeted and eventually surpassed.
While it is crucial to closely monitor the US dollar's performance, it is perhaps more important to pay attention to interest rates in the United States. If interest rates start to climb in the bond market, it exerts downward pressure on gold, as traders find the opportunity to earn over a 5% return on bonds highly attractive. Consequently, the gold market is likely to exhibit continued volatility, with the upcoming jobs data occupying center stage for the next 24 hours.
The gold market's performance is influenced by a range of factors, including economic data, the US dollar's strength, and interest rates. Unexpected ADP numbers created a shift in market sentiment, leading to a temporary decline in gold prices. With the impending release of Non-Farm Payroll data, the focus will be on the US dollar's performance and its subsequent impact on gold.
From a technical perspective, the market's rebound from the 200-Day EMA and the 61.8% Fibonacci level suggests the potential for further upside.
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Source: FXStreetNews - 🏆 14. / 72 Read more »
Source: FXStreetNews - 🏆 14. / 72 Read more »