Be Cautious About Economic News and Geopolitical Context
On the 4-hour chart, gold is trading around the 34 EMA, indicating some hesitation in the market. Although gold has shown signs of a slight recovery, resistance from the 89 EMA remains a significant barrier that needs to be overcome to confirm a more sustainable uptrend.
Given the current geopolitical tensions, gold is still considered a safe haven. However, the recovery in the USD after the positive jobs report could hinder gold's upside momentum. The main support level I am interested in now is $2,600, and a breakout above the 89 EMA could be an opportunity to add to long positions.
Given the current geopolitical tensions, gold is still considered a safe haven. However, the recovery in the USD after the positive jobs report could hinder gold's upside momentum. The main support level I am interested in now is $2,600, and a breakout above the 89 EMA could be an opportunity to add to long positions.
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