Yesterday proved to be a lucrative day for gold traders as the long-awaited breakout above the 2320 zone occurred, prompting a flurry of buy orders in the market. The catalyst for this bullish movement came in the form of a disappointing jobless claims report early in the day. This unexpected data release led to a significant drop in yields, driving up prices across various asset classes including stocks, gold, oil, and cryptocurrencies. Concurrently, the dollar faced downward pressure as expectations for rate cuts were reignited.
As gold prices surge, attention is now turning towards a crucial resistance level at 2365. This level presents a potential area for sellers to initiate short positions, anticipating a reversal in price momentum. However, market sentiment suggests that a retest of the 2364-2365 zone is likely before any significant downward movement occurs.
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