Global gold prices have declined, with spot gold falling by $4.3 to $2,500 per ounce.
The gold market remained stable during the U.S. Labor Day holiday. However, prices saw a slight decrease due to the recovery of the U.S. dollar. Investors are now waiting for crucial U.S. employment data, which is expected to solidify expectations regarding the size of the Federal Reserve’s (Fed) interest rate cuts anticipated later this month.
On the technical side: In the short term, gold may undergo further corrections, facing resistance due to the confluence with the EMA around $2,507. In this scenario, I expect the price to reach the $2,470 area before the upward trend has a chance to resume.
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