• The bias is bullish despite minor retreats.
• The R3 is seen as a potential target.
• The ECB could change the sentiment today.

The gold price extended its growth and is trading at $2,157 at the time of writing, below 2161 today’s high (all-time high).

The US dollar’s weakness helped the yellow metal hit new highs. The bias is bullish, so more gains are in the cards.

Yesterday, the ADP Non-Farm Employment Change came in at 140K, below 149K expected but above 111K in the previous reporting period.

At the same time, JOLTS Job Openings was reported at 8.86M versus 8.80M expected. The greenback lost significant ground versus its rivals as the Federal Reserve is expected to start cutting the Federal Funds Rate soon.

In addition, the BOC left the Overnight Rate unchanged at 5.00%. Today, the fundamentals should be decisive as well.

The European Central Bank kept its monetary policy unchanged. The Main Refinancing Rate remained at 4.50%. The ECB press conference revealed a slightly optimistic outlook, but it primarily depended on the data to decide monetary policy.

Furthermore, the Fed Chair Powell Testifies before the Senate Banking Committee should also have a major impact. The US NFP, Average Hourly Earnings, and Unemployment Rate data may bring high action tomorrow.

As you can see on the hourly chart, the gold took out the $2,148 historical high and the first warning line (wl1) of the ascending pitchfork, confirming further growth ahead.

Staying near these upside obstacles signaled an imminent breakout and continuation. The weekly R23 of $2,169 represents the next major upside target if the rate resumes growth.

Still, after such impressive growth, we cannot exclude a probability of a corrective downside as the price needs to attract new buyers and more bullish energy before printing new all-time highs. So, the outlook remains bullish despite minor retreats.

https://www.forexcrunch.com/blog/2024/03/07/gold-price-prints-all-time-high-focus-on-us-nfp/