Gold Trend: After Hitting a 4-Week High, What’s Next?

18 hours ago

Hello, dear friends,

After a strong rally and reaching a new high of $2,670 (an increase of around $25) yesterday, gold prices have now stabilized around the $2,657 level during Thursday’s Asian trading session.

Gold continued its upward momentum on Wednesday, hitting its highest level in nearly four weeks following a report showing weaker-than-expected private sector job growth in December. This latest data has reassured investors that the Federal Reserve (Fed) may be less aggressive in tightening interest rates this year.

However, Melek believes that the more crucial data will be Friday's non-farm payroll report. The market is currently forecasting an increase of 163,000 jobs, and any figure significantly higher could pose a downside risk for gold.

Given the current scenario, can we expect gold to race toward new highs?
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