GOLD: Price Drop as Predicted , SELL signal and Bearish setup...

During the Asian session, the price of gold (XAU/USD) broke below the crucial resistance level of $1,840.00 after a gradual correction from its peak of $1,844.00. The US Dollar Index (DXY) is experiencing erratic movements, which typically lead to a decrease in volatility. S&P 500 futures have reversed their marginal gains and are adding to their Wednesday losses, indicating a resurgence of the risk-averse sentiment. Additionally, the yield on 10-year US Treasuries has reached a three-month high of 4.01%.

According to the Wall Street Journal (WSJ), two large online recruitment companies, ZipRecruiter Inc. and Recruit Holdings Co, have reported a decrease in job postings for December. However, the US Department of Labor has reported a significant number of job openings in the same month, primarily in restaurants, hospitals, nursing homes, and child-care centers, rather than from firms. Despite this, shark producers and large tech companies have initiated lay-off programs due to the bleak economic outlook. As a result, the labor market may cool down, and the Federal Reserve (Fed), which is increasing rates to slow down growth and inflation, may consider further reducing the pace of policy tightening.