Latest GOLD price update today !
Hello everyone, let's analyze today's gold price with Victor!
Currently, gold is trading around $2,861, showing a slight increase of 0.16% for the day.
On Friday, gold experienced a slight decline, dropping to nearly $2,860 per ounce following the release of the U.S. labor market report for January.
Meanwhile, the U.S. Dollar (USD) is struggling to gain any meaningful traction amid expectations that the Federal Reserve (Fed) will cut borrowing costs twice this year. This expectation has led to a sharp recent decline in U.S. Treasury yields, which, in turn, has acted as a bullish catalyst for gold, a non-yielding asset, ahead of the critical U.S. Non-Farm Payrolls (NFP) report.
As observed on the 1-hour chart, gold prices are reacting around the 34-EMA, with the formation of a harmonic pattern, suggesting that the uptrend is not over as long as prices hold above the $2,852 support level. The immediate focus is on the $2,879 resistance level. If gold manages to break and consolidate above this key level, it could pave the way for the next bullish rally. This upward move could potentially drive prices toward the $3,000 mark.
Currently, gold is trading around $2,861, showing a slight increase of 0.16% for the day.
On Friday, gold experienced a slight decline, dropping to nearly $2,860 per ounce following the release of the U.S. labor market report for January.
Meanwhile, the U.S. Dollar (USD) is struggling to gain any meaningful traction amid expectations that the Federal Reserve (Fed) will cut borrowing costs twice this year. This expectation has led to a sharp recent decline in U.S. Treasury yields, which, in turn, has acted as a bullish catalyst for gold, a non-yielding asset, ahead of the critical U.S. Non-Farm Payrolls (NFP) report.
As observed on the 1-hour chart, gold prices are reacting around the 34-EMA, with the formation of a harmonic pattern, suggesting that the uptrend is not over as long as prices hold above the $2,852 support level. The immediate focus is on the $2,879 resistance level. If gold manages to break and consolidate above this key level, it could pave the way for the next bullish rally. This upward move could potentially drive prices toward the $3,000 mark.
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Join our community group to receive support for short Scalping orders and the latest trading strategies!
✅ Trading knowledge
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