**Gold Price and Market Sentiment** Before the NFP data release, all eyes are on the ADP Employment Change report. It predicts 95K new jobs in June, an increase from 37K in May. The US Dollar is bouncing back, thanks to strong JOLTS data, which is limiting any increase in gold prices. The US Dollar Index, which compares the Greenback to six major currencies, is nearing 97.00. Factors like the upcoming tariff deadline and legislative changes are providing support for gold prices. Gold is currently hovering near a trendline in an Ascending Triangle pattern, facing resistance at the $3,500 level. The 20-day EMA at $3,342 indicates an unclear trend, and the 14-day RSI shows a sideways movement. If gold breaks above $3,500, it could reach new highs around $3,550 and $3,600. On the other hand, if it falls below $3,245, it might slide down to $3,200 or even $3,121. **Central Banks and Gold Reserves** Gold has always been a reliable store of value and a means of exchange, especially in unstable times. Central banks are increasing their gold reserves, amassing 1,136 tonnes in 2022. Countries like China, India, and Turkey are leading the way in boosting their gold holdings. Gold usually rises when the US Dollar and US Treasuries decline. Economic uncertainties or fears of a recession can elevate gold prices because of its safe-haven status. Additionally, lower interest rates typically help gold prices rise, while a strong Dollar can limit its gains. Many factors can influence gold prices. Geopolitical instability and recession worries can cause quick price shifts. Although gold doesn’t yield interest, trends in interest rates can impact its value. A weaker Dollar often results in higher gold prices. Different markets and investment instruments exist, so it’s vital to do thorough research before making investment choices due to potential risks. The information shared reflects the author’s views and may not reflect official policies. The author is not responsible for external links or stock positions mentioned. Create your live VT Markets account and start trading now.

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