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Analysis

Gold hits $2,518 before jobs and PMI numbers

  • Gold renews bullish advance and hits $2518.

  • ADP Non Farm Employment change suggests 144k jobs against previous 122k.

  • Support seen at $2500-$2495.

  • Break above $2518 opens the way to $2528-$2538.

Gold renews bullish attack reaching $2518 as $2490-$2495 attracted strong buying ahead of upcoming Initial Jobless Claims as well as Services and Manufacturing PMI during US session.

If bulls manage to break above $2518 hurdle, the upmove may quickly retest next resistance $2528 above which break above $2532 becomes easy, leading to a tad higher $2538

On the lower side, any dip correction towards value zone $2500-$2495 will attract buyers again.

Below this zone, some further retracement towards fair value gap at $2487-$2484 may not be ruled out.

Given the prevailing circumstances and price action, buyers are likely to keep using any retracement and pullbacks for adding fresh longs.

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