Gold prices were a bit volatile yesterday as price briefly fell to a four-week low before reversing the declines. The volatility comes as investors gear up for today’s payrolls report which could potentially dictate which way the Fed will turn in its monetary policy. Payrolls rose at a weaker pace in February and recent data from ADP indicates a slower pace of job gains.
Will XAUUSD Hold on to the Support?
The precious metal has been consolidating above the support area of 1285 – 1282 for the past five daily sessions. It was only yesterday’s price action that briefly pierced the support area before pulling back. A break down from the support is essential for gold prices to continue the bearish momentum.
