The USD has experienced a strong rally following better-than-expected US employment data, increasing pressure on gold prices.
Gold prices saw a downward adjustment over the past week after reaching their highest level in over a month early in the week.
Technically, gold is encountering significant resistance around the $1,800 level. If this level is surpassed, the potential for further upside could extend towards the next targets around $1,820 - $1,830.
Based on current economic factors and technical analysis, the outlook for gold remains positive in the near future.
While the USD maintains its strength, posing short-term pressure, fundamental factors such as inflation and continued monetary policy support are expected to underpin gold price increases.
Gold prices saw a downward adjustment over the past week after reaching their highest level in over a month early in the week.
Technically, gold is encountering significant resistance around the $1,800 level. If this level is surpassed, the potential for further upside could extend towards the next targets around $1,820 - $1,830.
Based on current economic factors and technical analysis, the outlook for gold remains positive in the near future.
While the USD maintains its strength, posing short-term pressure, fundamental factors such as inflation and continued monetary policy support are expected to underpin gold price increases.
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