Gold surges past crucial resistance levels, hitting its highest mark since December of the previous year. The sustainability of this week's bullish breakout, however, depends on the upcoming U.S. jobs report.
staged a remarkable rally this past week, breaking past key technical thresholds to reach their highest point since December 2023. By Friday's close, the precious metal had notched a substantial weekly gain of 2.33%, settling near $2,082.
Looking ahead, traders should be attentive to the upcoming February U.S. jobs data for insights into the market's trajectory. A blockbuster report mirroring January's robust numbers would undermine hopes of an early Fed pivot toward rate cuts, potentially sending gold prices tumbling. Gold surged beyond trendline resistance at $2,035 and breached another key ceiling at $2,065 this past week, edging closer to surpassing late December's swing high around $2,085. Failure by bears to contain the price at this point might trigger a rally toward the yellow metal’s record in the vicinity of $2,150.
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