Gold Strengthens Ahead of NFP, Eyes Best Week Since January
Gold prices rose again during Friday's trading session ahead of the release of U.S. Nonfarm Payrolls (NFP) data. On a weekly basis, gold has surged approximately 6% and is on track for its largest weekly gain since January.
Easing inflationary pressures—following a weekly correction in oil prices—have helped alleviate concerns that the Federal Reserve might need to maintain a tight interest rate policy for an extended period.
Gold price at the time of this analysis: $4,297
- Buy if the price moves to $4,304
- Sell if the price moves to $4,284
Resistance 2: $4,331
Resistance 1: $4,311
Support 1: $4,271
Support 2: $4,251
Note: This article is analytical in nature and does not serve as a definitive recommendation. Please consider the impact of fundamental and technical developments on trading before making any investment decisions.
Source: Newsmaker.id