Gold price analysis February 7⭐️Fundamental Analysis
Gold prices maintained a slight upward trend in today's European trading session, hovering near the all-time high reached earlier. Safe-haven demand for gold continued to increase due to concerns about US-China trade tensions and the negative impact of the Trump administration's hawkish policies.
Meanwhile, the USD struggled as the market bet that the Fed would cut interest rates twice this year. US Treasury yields plunged, further strengthening the appeal of non-yielding gold. Investors are now focused on the US NFP employment report to determine the next trend of the market.
⭐️Technical Analysis
Gold prices continue to head towards all-time highs. The 2873 area has attracted a lot of attention from sellers before the ATH. resistance zone above note around 2898. more predicted downtrend for gold specifically a sharp fall to 2811 or deeper to 2786. pay attention to noted resistance zones for best trading strategy.