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GOLD - The battle for zone 4200. Bullish trend

GOLD Forecast
👑 Ideas For #XAUUSD / #GOLD

📈 The battle for zone 4200. Bullish trend

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GOLD is forming a local trading range of 4180-4230, trying to stay above 4200 after yesterday's correction ahead of important US employment and services data

The dollar is weakening amid expectations of a Fed rate cut on December 11. News concerning Powell, namely Fed chair candidate Kevin Hassett (a well-known “dove”), is supporting gold. Geopolitical risks (stagnation in Russia-Ukraine negotiations) are increasing demand for safe-haven assets.

• In focus today: ADP employment data and ISM Services PMI.

• Weak indicators will strengthen bets on Fed policy easing and support gold.

Gold retains its upside potential. The release of US data could either accelerate growth to $4300 or trigger a correction in the event of strong indicators.

Resistance levels: 4230, 4260

Support levels: 4185, 4175

Gold is testing 4200 for strong support. Local trading range 4180 - 4230. A false breakout of support amid a bullish trend and a weak dollar could support gold's growth