Gold has broken through the significant key level of 2288. Despite this, the Federal Reserve remains dovish, indicating no immediate plans for interest rate cuts as mentioned by Jerome Powell in a recent speech. Powell emphasized last month that a surprise weakening in the job market could prompt a policy response from the Fed.
Investors are eagerly awaiting the release of the monthly employment report on Friday, which is expected to show an increase of 213,000 jobs in March. This upcoming data release is poised to influence market sentiment.
Currently, gold prices are consolidating around the 2300 level. The overall trend remains robust, making counter trades risky if held for too long. For those considering long positions, it's advisable to wait for the formation of clear market structures before entering the market.