Gold is making a strong recovery from the 3,365 USD support zone and is now hovering around 3,380 USD. After a brief correction, the price has bounced back and is heading toward the key resistance area at 3,396 USD. A breakout above this level would likely open the door for a further move toward the 3,428 USD target.
The bullish sentiment is supported by weaker-than-expected U.S. employment data, which has raised expectations that the Federal Reserve (Fed) may cut interest rates sooner. This is boosting demand for gold as a safe-haven asset.
The short-term trend now leans bullish, as long as the price holds above the 3,365 support. A confirmed breakout above 3,396 could be the signal for the next leg higher.
The bullish sentiment is supported by weaker-than-expected U.S. employment data, which has raised expectations that the Federal Reserve (Fed) may cut interest rates sooner. This is boosting demand for gold as a safe-haven asset.
The short-term trend now leans bullish, as long as the price holds above the 3,365 support. A confirmed breakout above 3,396 could be the signal for the next leg higher.
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⚡ Fast updates – Never miss a golden entry
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.