Gold prices fall deeply, experts expect to reach new highs

Gold prices continue to drop after new employment data showed a strong job market, supporting expectations of further interest rate hikes by the US Federal Reserve. Specifically, 324,000 jobs were created in the previous month, surpassing economists' expectations of around 191,000.

Currently, the market is waiting for the July employment report for clearer clues on the Fed's next monetary policy. The non-farm payroll number is expected to increase to 200,000 jobs, compared to the previous month's report of 209,000.

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DXY has crossed the psychological level of 102.50, which coincides with the 50-day MA. The focus of the bulls will now be on the mid-term trendline resistance.

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Despite disappointing economic data, gold prices remain unaffected due to continued safe-haven demand, which is benefiting the U.S. dollar. December gold prices are currently at $1,971, down 0.20% on the day. Analysts highlight $1,970 as a crucial support level, with a potential drop to $1,900 if it breaks.

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🕯 SELL GOLD | 1955 - 1952

🔴 SL: 1960

🟢 TP1: 1942
🟢 TP2: 1932

🕯 BUY GOLD | 1918 - 1915

🔴 SL: 1910

🟢 TP1: 1940
🟢 TP2: 1950