Gold prices are currently trading between critical retracement zones. On the upside, resistance is noted at $2,663.51 to $2,693.40, with further barriers at $2,721.42 if momentum strengthens. On the downside, support is established between $2,629.13 and $2,607.35. A sustained move below this zone could trigger an accelerated decline toward $2,538.50.
The market is also trading below its 50-day moving average of $2,669.25. A move above this level would indicate buyer strength, potentially driving prices toward higher resistance levels. Conversely, failure to break above the 50-day moving average could lead to further downside pressure.
Market Forecast
In the short term, gold prices are expected to trade within a narrow range, with resistance near $2,650 and support around $2,620. Market direction will hinge on upcoming U.S. economic data, including job openings, the ADP employment report, and Friday’s payrolls. Should dovish Fed expectations persist and geopolitical risks escalate, gold could gain further momentum, favoring a bullish outlook. However, failure to break resistance levels may keep prices subdued.
Source: Gold News: Will Non-Farm Payrolls Be the Catalyst to Break Gold’s Narrow Range?
