Gold extends breakout, eyes $4,350 as focus turns to US NFP
Gold briefly tested $4,300 for the first time in seven weeks as traders turned their attention to the US nonfarm payrolls report. The precious metal continues to build on its recent breakout.
Gold extended its recent breakout during the Asian session, briefly touching the $4,300 level for the first time in seven weeks. The move highlights strong bullish momentum as prices target the $4,350 area.
Market attention is now squarely on the upcoming US nonfarm payrolls report, which could shape near-term dollar and rate expectations. Simultaneously, investors are weighing the potential implications of fresh hopes for the reopening of the Strait of Hormuz on overall risk sentiment.
Despite the geopolitical development, gold bulls continue to tighten their grip, with the metal’s rally showing no immediate signs of exhaustion.
Source: FXStreet Forex News