This week, gold prices have maintained an impressive upward momentum following news of the conflict between the United States and Venezuela.
Although gold continues to face strong selling pressure during the Asian session, prices were strongly supported during the U.S. session. This indicates that the current gold trend is experiencing intense contention, as bullish supporting factors remain very strong while profit-taking activities have also been aggressive throughout the week.
Today, the Non-Farm Payrolls report will be released, and this will serve as a crucial catalyst for gold to determine its next short-term direction. This comes as the impact from the U.S.–Venezuela conflict has not caused significant volatility, and investors are now focusing more closely on U.S. economic data.
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