✅GOLD Prices Rebound Amidst Speculation on Interest Rate Outlook

On Monday, the price of gold experienced a rebound as market participants deliberated over the trajectory of interest rates in light of recent US employment indicators.

According to Friday's data released by the Bureau of Labor Statistics, the US Nonfarm Payrolls report indicated that 175,000 individuals secured employment in April, falling below market expectations. Of particular note was the deceleration in wage inflation, with Average Hourly Earnings exhibiting a decline both on an annual and monthly basis compared to economists' projections.

The current price of gold remains confined within a range-bound area or rectangle, with the preceding rebound observed around the $2288 mark potentially manifesting upon a retest of the upper boundary of this channel, with potential for further expansion.

The underwhelming employment data suggests a potential for the Federal Reserve (Fed) to initiate interest rate cuts earlier than previously envisaged. This prospective scenario heightens the appeal of gold, as lower interest rates diminish the opportunity cost of holding the non-yielding precious metal.

We anticipate a bullish continuation, adopting a scalping approach characterized by higher potential rewards but a lower win rate.

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✅ STILL GOOD!

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🔥 I'm Closing this position.