Gold prices are holding gains above 1972 levels, while the US Dollar is attempting a slight recovery after the US House of Representatives passed a debt deal to prevent US default.
However, fresh dovish expectations surrounding the US Federal Reserve interest rate outlook are expected to limit the Greenback's upside momentum. Gold prices rose yesterday as the market reacted to the news of the US public debt ceiling and positive economic data. US ADP Employment Change Data is likely to rescue the US Dollar bulls.
Currently, gold is striving to reach the 1984 price level in the near future. Based on technical analysis, gold is undergoing a corrective wave labeled a,b,c, and the target for this wave is also set at 1984. It is anticipated that this target will be met.