Gold prices were supported by a weaker dollar in the midst of a wary market atmosphere, with nonfarm payrolls data slated for a later release.
Additionally, JOLTS Job Openings report had a significant impact on gold prices.
Despite this, the US economy shows promise for recovery due to strong retail sales, industrial production, and adjusted GDP figures. Yesterday, gold experienced a rally as the market processed news on the US debt ceiling and favorable economic data.
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.