XAUUSD

The non-farm payroll data announced last Friday showed an increase below market expectations, and the figures for the previous month were revised downward. While the unemployment rate was expected to remain stable, an unexpected rise occurred. Fed Chairman Powell emphasized that they would not rush to lower interest rates. President Trump stated that the economy is in a transitional period and assessed the risk of recession. These developments pave the way for gold to be priced within a narrow range above the 2900 level.

The precious metal is trading in the 2900 – 2930 region, supported by indicators monitored in the short term. If it maintains its position above 2930, the desire for an upward movement may become more pronounced. In potential rises, there is a possibility of reaching resistance levels of 2942 and 2947. However, for a negative scenario to emerge, four-hour closures below the 2900 level will be necessary; in this case, support levels of 2890 and 2877 may come into play.