#GOLD prices started the week with significant volatility, currently trading around $4530, showing a slight rebound after a turbulent week.
This week, market focus shifts to the US monthly jobs report, a key factor influencing monetary policy expectations.
In addition, speeches by #Federal Reserve Chairman Jerome Powell, along with a series of economic indicators such as employment data, consumer confidence, and the manufacturing purchasing managers' index (
#PMI ), are expected to provide clearer direction for the gold/dollar (
#XAUUSD ) pair.
Overall, the gold market is entering a highly sensitive phase.
In the short term, gold prices are likely to remain volatile due to geopolitical tensions and changes in monetary policy.
In the long term, underlying factors such as inflation, rising public debt, and global uncertainty continue to provide strong support for gold.
From a technical perspective, gold has recently experienced a sharp decline.
After forming two short-term bottoms in the key area shown on the chart, gold prices are currently attempting a rebound, but the momentum remains unclear.
The first major resistance level is at $4600; a successful break above this level could pave the way for further gains.
However, as mentioned before, the current rebound appears to be a correction, and continued economic pressure could still push gold prices back below $4100 (the March low).
If gold fails to break through the $4580-$4600 range, a new round of correction is likely.
PS: Gold is bullish in the medium to long term, but bearish in the short term.
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