Gold prices hovered near a one-week high on Friday and were on track for weekly gains, as investors focused on U.S. jobs data that could shape the size of the Federal Reserve’s expected rate cut this month.
Important data today: NFP, Average Hourly Earnings, Unemployment Rate! These reports will have a major impact on the markets, especially on the gold chart.
Generally, the direction is uptrend
Uptrend Side: Because gold is stable above 2495 and 2507, it may touch 2529, the previous high, and above it 2540, a new high level.
Downtrend Side: Be aware that gold may fall from the current area to the 2507 support level as a correction, or rise and touch the previous high of 2529 and then fall to 2507 support. Continuing this correction until below the 2507 support will reach the 2495 level and will fall to the 2474 level, especially if the data outcome is negative for gold.