FX.co ★ XAU/USD, GOLD

Hello traders, everything is stable with GOLD, as there was no trading yesterday. Therefore, we still have a local upward movement. However, I do not have any targets higher because we have already tested the area around 4730, moved above 4800, but did not manage to hold above that level. Additionally, we later had a decent drop as we went below 4600, leaving a short initiative that has not been fulfilled yet. Yesterday, we received positive labor market data in the United States, which should continue to have an impact as American traders enter the market on Monday, possibly leading to a gap opening. Nevertheless, I am still leaning towards a short initiative. Therefore, if we climb above 4750 again, I will only consider selling at that point, but with a stop loss.