Gold prices have been showing resilience this week, with the 2490 price zone acting as a strong support level. Despite pressure from sellers, the support has managed to hold firm, preventing any significant downward movement so far.Gold prices have been showing resilience this week, with the 2490 price zone acting as a strong support level. Despite pressure from sellers, the support has managed to hold firm, preventing any significant downward movement so far.
However, all eyes are on tomorrow's Non-Farm Payroll (NFP) report, which will play a pivotal role in determining gold's next move. If the report comes in stronger than expected, it could increase selling pressure, potentially causing gold to break below the 2490 support. In such a scenario, we can expect the next significant support level to emerge around 2400.
Traders should remain cautious ahead of the NFP release, as it will likely lead to heightened volatility.
Disclaimer
The analysis provided above is for informational purposes only and should not be construed as financial or investment advice.