In the latest market movements, gold prices have seen a significant rebound, driven by a combination of factors including the weakening US dollar and heightened risk-off sentiment amid recent US and French election outcomes. The release of discouraging US economic data further bolstered this uptrend.
📈 Technical Analysis: Gold is currently trading higher, testing key resistance levels. The MACD indicator signals increasing bullish momentum, indicating strong investor interest. However, the RSI at 72 suggests a potential overbought scenario.
🔍 Key Levels to Watch:
- Resistance: 2365.00, 2385.00
- Support: 2340.00, 2295.00
💡 Dollar Index Dynamics:
- The Dollar Index experienced a notable decline due to disappointing US economic reports.
- Expectations for Fed rate cuts have surged following dovish remarks from Jerome Powell.
- Eyes are now on upcoming Nonfarm Payrolls and Unemployment rate reports for further market direction.