Gold "trembling" waiting for US employment data

Gold (XAU/USD) continued to fluctuate in a narrow range on Thursday morning, supported by geopolitical risks such as the Russia-Ukraine conflict, trade war concerns and political instability in France and South Korea. A weak US dollar also contributed to keeping gold prices high.

However, expectations of the Fed maintaining a tight monetary policy, along with a slight increase in US bond yields, are limiting gold's upside. Comments from Fed Chairman Jerome Powell kept investors cautious, waiting for the US Non-Farm Payrolls (NFP) report on Friday.

Personal opinion:

This week’s break below the multi-day ascending channel signals bearish momentum, but neutral oscillators on the daily/4-hour charts suggest waiting for a break below the $2,630 support before positioning for further losses. A subsequent decline could drag prices toward $2,622-$2,621 and potentially to $2,600.

On the upside, $2,655 remains the immediate hurdle, followed by $2,666. A sustained move above $2,678 could pave the way toward the $2,700 mark, but strong resistance around $2,721-$2,722 might cap gains. A decisive break beyond this level could shift the trend in favor of buyers and trigger meaningful upside momentum.

Pay attention to price range:

BUY ZONE: 2640 - 2638
SL: 2633
BUY ZONE: 2634 - 2632
SL: 2627
SELL ZONE: 2655 - 2657
SL: 2662