Fundamental Analysis
Gold prices traded in a positive bias for the second consecutive day on Wednesday, despite lacking bullish conviction and remaining confined within the familiar range that has held for the past week or so. Traders appear reluctant at the moment, opting to wait for further signals on the Federal Reserve’s (Fed) interest rate cut path before placing any directional bets. As such, the market focus will remain on Fed Chairman Jerome Powell’s speech later today, along with Friday’s US Non-Farm Payrolls (NFP) report, which will guide policymakers on their next monetary policy decision.
Technical analysis
breaks the 2647 level once again Gold is heading towards the technical resistance level of 2655. Gold is still trading in the accumulation range waiting for Nonfarm, most likely today there will be no break out of the 55 and 2635 ranges. The sideways market is quite difficult for trend traders. Wait and see how the European session will fluctuate. If it cannot break 2651, you can SELL to 2643-2635. If the price pushes up to 55 but cannot break this area, this is the trading range that can be reported today.