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Gold (XAU/USD) Eyes Key Retracement Levels Amid Bullish Momentum
Gold (XAU/USD) Eyes Key Retracement Levels Amid Bullish Momentum
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Gold enters the week with a bullish bias following last week's rally fueled by weak U.S. Non-Farm Payroll data. The metal now seeks retracement to optimal buying zones before targeting record highs above $3,500.
Critical U.S. economic indicators—including CPI, PPI, and retail sales data—may inject volatility. Softer figures could accelerate gold's ascent, while strong inflation data may temporarily pressure prices.
The technical landscape shows major resistance at $3,431-$3,451, with support firming NEAR $3,340-$3,310. Higher timeframe analysis continues favoring dip-buying strategies, though short-term traders may find opportunities in countertrend moves.
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