XAUUSD

With the increasing risk perception created by trade wars, gold has entered a recovery process again. A greater-than-expected rise in unemployment claims has led to declines in the Dollar Index, creating a favorable backdrop for gold. Throughout the day, average hourly earnings, the unemployment rate, non-farm payroll changes, and Michigan consumer confidence data should be closely monitored.

The precious metal is trading above the levels supported by the indicators we are watching in the short term. As long as gold remains above the 2850 – 2860 range, it can maintain its upward potential. If positive movements continue, there is a possibility of gaining momentum towards the 2877 and 2890 levels. However, if persistent pricing occurs below the 2850 – 2860 range, the desire to decline may strengthen, leading to a pullback towards the 2840 and 2830 levels.