Gold prices rose in the morning Today, remaining in sight of recent record highs as traders favored safe havens amid uncertainty before key U.S. nonfarm payrolls data. Gold was set for strong weekly gains as a renewed trade war between the U.S. and China spurred haven demand, while weakness in the dollar also helped. Fears of renewed tensions in the Middle East, after U.S. President Donald Trump claimed that the U.S. would take over the Gaza strip, also fueled some haven demand for gold.
Spot gold rose 0.2% to $2,862.67 an ounce, while gold futures rose 0.3% to $2,884.81 an ounce by 00:58 ET (05:58 GMT). Spot prices were up 2.4% this week.
CURRENTLY GOLD IS MOVING ON DOWN TREND.
Expecting correction up to 2870.50
Today’s important levels for trading are 2913.66, 2893.43, 2874.55, 2854.32, 2835.44, 2815.21, 2796.33
Trading Strategy for today: Sell on Rise
Trade setup:
Pullback Sell around 2870.50 Higher Sell around 2880.50
Safe swing sell below 2854.50
Safe swing buy above 2885.50
Important Event :
🔴 Average Hourly Earnings m/m
🔴 Non-Farm Employment Change
🔴 Unemployment Rate
🟠 Prelim UoM Consumer Sentiment
🟠 Prelim UoM Inflation Expectations