Gold bulls push for a major breakout, reaching new highs in 2024

The gold market has experienced significant volatility in recent weeks but ultimately broke through to new highs with a strong bullish stance. This market's trends are influenced by various factors, including US economic data, Federal Reserve policies, and global geopolitical situations.

Gold Highlights:

Gold prices were relatively stable earlier last week but saw a strong surge towards the end of the week, breaking past several resistance levels to reach a 2024 high of $2088.31. This uptrend suggests that bulls might be dominating the market.
Technically, gold prices have formed multiple support levels, including around $2050 and $2075. Maintaining these levels could help sustain the bullish trend.
Key data driving the market will be this week's non-farm employment data, providing new market direction. Investors will closely watch the release and adjust their strategies accordingly.
Gold Breakout Continuation Scenario:

Considering the current uptrend, gold prices may continue to break through. A crucial resistance level is around $2088. If surpassed, it could further strengthen the bullish signal.
However, investors should be aware of the current overbought signals (RSI over 70), which might lead to a temporary price pullback.

Gold Market Driving Factors:

US ISM Non-Manufacturing PMI - Forecast: 52.9, Previous: 53.4. Measures the level of a diffusion index based on surveyed purchasing managers, excluding manufacturing; typically, actual values below forecast are favorable for precious metals.

US ADP Non-Farm Employment Change - Forecast: 145K, Previous: 107K. Estimates change in non-agricultural and government employment from the previous month; actual values below forecast are usually beneficial for precious metals.

US Fed Chair Powell Testifies (also on March 7 at 11:00 PM) - Description: Semi-Annual Monetary Policy Report testimony before the Senate Banking Committee, Washington DC; more dovish-than-expected outcomes are favorable for precious metals.

US JOLTS Job Openings - Forecast: 8.90M, Previous: 9.03M. Measures job openings during the reported month, excluding agriculture; actual values below forecast are typically good for precious metals.

US Average Hourly Earnings m/m - Forecast: 0.2%, Previous: 0.6%. Measures the change in labor costs paid by businesses, excluding agriculture; actual values below forecast are generally favorable for precious metals.

US Non-Farm Employment Change - Forecast: 190K, Previous: 353K. Estimates the change in non-agricultural employment from the previous month; actual values below forecast typically benefit precious metals.

US Unemployment Rate - Forecast: 3.7%, Previous: 3.7%. Measures the percentage of the total workforce unemployed and actively seeking employment in the previous month; actual values greater than forecast are beneficial for precious metals.