Gold prices were seen trading low in the New York trading session overnight and today's Asia.
The expected fall in gold prices was seen as a “correction” ahead of the U.S. NFP jobs report.
At last night's New York trading session, American President Joe Biden urged Israel to implement an immediate ceasefire following the deaths of several people from foreign countries who were reported to have died as a result of attacks by Israeli troops.
Apart from that, the geopolitical conflict in the Middle East is getting hotter if Iran is reported to have declared war on Israel. The Israeli president has reportedly said he will commit the country to its full commitment to fighting Iran.
Apart from that, Joe Biden also vowed to provide full support to Israel if the country had a plan of action to protect the safety of ordinary people.
Tonight the main focus series of NFP employment data reports will be published. If tonight's NFP data report reports an increase of 200,000 and above, market sentiment will be seen as strengthening the United States economy, as well as potentially encouraging the FED to maintain existing profit levels for longer.
Technical Analysis
As expected last night the price level of $2,300 failed to be broken and gold was seen falling to the level of $2,280 and $2,265.
If the price level of $2,265 manages to beat $2,250 it would be seen as the main obstacle before the price level of $2,200 becomes a benchmark.
However, if on the contrary, "rejection" at the price level of $2,265 could push gold to trade higher to the level of $2,307.
If this level is successfully broken, gold is expected to make a "New High" to the level of $2,350 based on increasingly sharp geopolitical pressure factors.
