Gold fell a bit during the course of the trading session on Thursday as we continue to see a lot of negativity. That being said though, we are also supported right around the $2,300 level. In general, this is a market that I think is trying to sort out what to do next. And with the jobs number coming out, that’s going to have a major influence on what people think the Federal Reserve does. Speaking of the Federal Reserve, they have basically made a mess of the situation on Wednesday so as usual, they are clear as mud.
With this, I think a lot of people are somewhat confused as to what to do, but gold might be a little bit of an outlier when it comes to most markets due to the fact that it protects against geopolitical risks. And of course, if we do see interest rate cuts coming down the road, that will help gold. Profligate spending by the US government, of course, will have a major influence on what happens with gold as well. If we break down from here, the 50-day EMA comes into the picture, and then the $2,200 level.
