XAUUSD

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XAUUSD

The ADP non-farm employment and ISM service PMI data from the US falling short of expectations, combined with Fed Chair Powell's call for a cautious stance, has caused spot gold to remain in a limited pricing trend. Despite emphasis on the resilience of the US economy, investors are now focusing their attention on unemployment claims. This data could be decisive for gold's short-term movements.

From a technical perspective, spot gold is fluctuating in the 2630 – 2650 range on the 4-hour chart, indicating a decision phase at these levels. If it can maintain above the 2650 level, there is potential for the price to move towards the 2660 and 2663 resistance levels. On the other hand, should it close below the 2630 level, the 2620 and 2610 support levels may be tested. The RSI indicator is at the 61 level, showing a positive trend with a 0.08% increase compared to the previous day.

Support :

2630 - 2620 - 2610

Resistance :

2650 - 2660 - 2663