From a technical perspective, the small reach between $ 2,999.46 and $ 3,149.09 brings the pivot point to $ 3,074.28. That level serves when the first adhesive goal is stalled as the momentum. A break under $ 2,999.46 would shift the trend lower in the short term, so that a withdrawal to the 50-day advancing average can be activated at $ 2,925.44, which remains a major support.
Macr data and nourished policy in Focus
Traders also keep a close eye on coming US economic data. The ADP Private Payroll Report and Friday’s non-agricultural wage lists can give new signals about the power of the labor market and influence the expectations of the next step of the Federal Reserve.
From the latest production research of the Institute for Supply Management, the contraction revealed in March, which contributed to worries about economic cooling. UBS maintains a basic of $ 3,200/oz for gold, but sees potential for $ 3,500/oz if the economic conditions are further deteriorated.
Gold prices forecast: Bullish Outlook remains intact
With geopolitical uncertainty increased and economic data blinking warning signals, gold remains in a favorable position. A confirmed outbreak above $ 3,149.09 would open the door for further profit, while only a decisive break under $ 2,999.46 would suggest a deeper correction. Until the Fed signals a ragged turn, the Bullish Case for gold prices will remain well supported.