Last night, after Gold reached a new peak at $4,059/ounce, it saw two pullbacks this morning to the $4,002 range before rebounding to around $4,03x.
This move can temporarily be viewed as Gold anchoring its peak at $4,059 while some profit-taking occurs above the $4,000 zone.
The market is expected to be more cautious today, with attention shifting toward tomorrow night’s Non-Farm Payroll (NFP) report.
If the NFP data shows improvement, Gold could correct back below the $3,9xx level.
In contrast, if the NFP data continues to show weakness, Gold may surge strongly toward the $4,100 zone.
Technical Analysis:
Before the NFP report is released tomorrow night, Gold is likely to move sideways within a wide range between $4,002 – $4,057, with strong swings on both ends.
=> Investors may consider trading at these two key levels.
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