GOLD breakout continues to increase depending on NFP

Gold prices have staged a notable rally over the past week, surpassing key technical levels to reach their highest point since December 2023. By late Friday, the precious metal had recorded gains A significant weekly increase of 2.33%, reaching nearly 2,088 USD.

Bullion's bullish momentum can partly be attributed to a moderate drop in U.S. Treasury yields, a reaction triggered by two key economic reports that have investors weighing the impact of them to the Federal Reserve's monetary policy stance.

Looking ahead, traders should pay attention to upcoming US February jobs data to better understand the market trajectory. A blockbuster report reflecting strong numbers for January would undermine hopes of the Fed moving to cut interest rates soon, potentially sending gold prices tumbling.

On the other hand, if nonfarm payrolls come in lower than forecast and hint at growing economic headwinds, interest rate expectations could be revised to a more dovish direction. put pressure on yields. This scenario is ready to support precious metals.

Comment:

Traders should watch the upcoming February U.S. jobs data for insights into the market's direction. Strong job numbers would decrease chances of rate cuts and could lower gold prices. However, if job figures disappoint, interest rate expectations may become more dovish, benefiting precious metals.

Comment:

SELL XAUUSD PRICE 2101 - 2099⚡️
↠↠ Stoploss 2105

→Take Profit 1 2094
↨
→Take Profit 2 2089

BUY XAUUSD PRICE 2057 - 2059⚡️
↠↠ Stoploss 2053

→Take Profit 1 2064
↨
→Take Profit 2 2069

Trade active:

Plan SELL + 30pips, close a part move SL to entry.🔥

Comment:

🟥AN UPCOMING SPEECH BY THE FEDERAL RESERVE CHAIRMAN THIS WEEK.. STAY TUNED FOR IMPORTANT SIGNALS REGARDING INTEREST RATES!

Comment:

SELL XAUUSD PRICE 2151 - 2149⚡️
↠↠ Stoploss 2155

→Take Profit 1 2144
↨
→Take Profit 2 2139

BUY XAUUSD PRICE 2084 - 2086⚡️
↠↠ Stoploss 2080

→Take Profit 1 2091
↨
→Take Profit 2 2096

Comment:

🚫The US now has an 85% chance of recession in 2024, the highest probability since the Great Financial Crisis, economist David Rosenberg has said.

Comment:

The daily gold chart remains positive with a prior level of resistance at $2,081/oz. now turning into support. Before that, the $2,114/oz level may act as a buffer after closing there on Monday and opening there on Tuesday. The CCI indicator at the bottom of the chart does show gold to be extremely overbought although this reading is starting to move lower. There may be a short period of consolidation ahead but overall the path of least resistance for gold is higher.

Comment:

Fed's Powell: We must be prepared to be surprised by the next chapter in the economy.