GOLD retreated from the threshold of 2,305 USD

US NONFARM PAYROLLS – XAUUSD
- The U.S. dollar and gold prices will be very sensitive to the upcoming U.S. jobs report
- Market expectations suggest the U.S. economy created 200,000 payrolls in March
- Strong job growth should be positive for the U.S. dollar but bearish for gold prices

XAUUSD corrected as the US Dollar recovered due to hawkish comments from Minneapolis Fed President Neel Kashkari.
Kashkari warned that interest rate cuts this year may not happen without progress on inflation. He stated that if inflation trends continue to move sideways, cutting interest rates would be questionable. Kashkari finds the inflation data for January and February worrying and wants to see more progress before considering rate cuts.
Kashkari is currently a hawkish representative on the Federal Open Market Committee (FOMC), but he does not have the right to vote on monetary policy this year.

Gold investors are currently focused on the US nonfarm payrolls report released today. Economists predict 200,000 new jobs will be created in March.

NAVIGATING THE POTENTIAL MARKET REACTIONS
How the markets respond to the NFP data will largely depend on whether the numbers exceed or fall short of expectations:

Strong Report: A surprisingly strong jobs report could signal a resilient economy, leading the U.S. central bank to hold off on plans to ease interest rates imminently. This scenario should be bullish for the U.S. dollar, but is likely to put downward pressure on precious metals like gold and silver.

Weak Report: A disappointing NFP release might indicate a cooling labor market. This could bolster market expectations for earlier interest rate cuts by the Fed, strengthening the case for a June move. Such a development could lead to a weaker U.S. dollar, providing potential support for gold and silver prices.

XAUUSD FORECAST - TECHNICAL ANALYSIS
On the daily chart, Gold is experiencing bearish corrections after approaching the 0.786% Fibonacci Extension noticed with the Previous Strategy yesterday and it is also above the initial notable support area about 2,265USD.

If the gold price is limited to downward adjustments and returns to above the 0.618% Fibonacci extension level, it will again have conditions to increase in price in the short term with the target level maintained at around 2,300 - 2,311 USD.

Meanwhile, even if the $2,265 level is broken below, gold still has many other notable technical supports such as the 0.50% Fibonacci extension level and the main uptrend from price channel will not change.

During the day, the technical outlook for gold prices is still heavily tilted towards the possibility of price increases and notable levels will be listed as follows.
Support: 2,265 – 2,250USD
Resistance: 2,275 – 2,305USD

Comment:

🔜UPDATED BACKUP STRATEGY FOR NON-FARM DATA

SELL XAUUSD PRICE 2316 - 2314⚡️
↠↠ Stoploss 2320

→Take Profit 1 2309
↨
→Take Profit 2 2304

BUY XAUUSD PRICE 2249 - 2251⚡️
↠↠ Stoploss 2245

→Take Profit 1 2256
↨
→Take Profit 2 2261

⚡️Psychology, discipline and capital management are the three factors that make victory possible.⚡️

Comment:

Comment:

🟢Gold prices continue to break records despite the strength of the dollar

Gold prices succeeded in breaking new records during trading today, Friday, and reached a new record during trading, despite the strength of the dollar after the release of positive American labor market data that is better than market expectations, which may affect upcoming American monetary policy decisions.

Comment:

📌Technically, gold price has broken out of its medium-term price increase channel on the weekly chart, indicating that the upward trend will continue in the medium and long term. However, the price is currently far above the moving averages and the RSI is in the overbought zone, suggesting a potential risk of profit taking in the short term. Next week, important support levels for gold prices are at $2,250-$2,200-$2,100 per ounce, while $2,400 per ounce will be a significant resistance zone.
The trading plan for next week will focus on buying around $2,250 and selling near the round resistance level of $2,400.

Comment:

Gold bounced above $2,345

After adjusting down to nearly $2,300 at the beginning of the Asian session, gold has now rebounded sharply to above $2,345.

Comment:

Is a rate cut in June a certainty, what will the ECB say this week and what do they need to see in upcoming wages data? Is rising oil prices really something to worry about? These are 5 issues that investors want to receive answers from the ECB.

Comment:

Gold rose above $2,346

Gold traded around $2,340 early in the Asian session before rising more than $6 to above $2,346 today.

The market awaits the release of US inflation data tomorrow.

Comment:

SELL XAUUSD PRICE 2369 - 2367⚡️
↠↠ Stoploss 2373

→Take Profit 1 2362
↨
→Take Profit 2 2357

BUY XAUUSD PRICE 2326 - 2328⚡️
↠↠ Stoploss 2322

→Take Profit 1 2333
↨
→Take Profit 2 2338

Comment:

In the context of continuously escalating tensions between Israel and Hamas in the Middle East, gold prices have continued to rise. The precious metal has now maintained its upward momentum for the third consecutive trading session, as demand for haven assets continues to increase amid the current turmoil.