Gold prices may have the potential for a final surge, with bids potentially lingering around the 1805.00 price level, which was the low of February. The value of the yellow metal has been on a decline as the US dollar, supported by strong economic data, continues to attract investors. Despite the Federal Reserve's restrictive monetary policy approach, the JOLTS job opening report has recently risen unexpectedly, indicating that the US economy continues to surprise analysts. Moving on, the market awaits strong economic data (ADP Non-Farm Employment and ISM Services PMI) from the US, and Gold prices could see some action later in the day.
The technical levels for Gold remain clear, with the primary support at 1805.00 and resistance at 1857.53. However, the general bias remains bearish as long as the Federal Reserve adheres to its "higher for longer" narrative.
The technical levels for Gold remain clear, with the primary support at 1805.00 and resistance at 1857.53. However, the general bias remains bearish as long as the Federal Reserve adheres to its "higher for longer" narrative.
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