Article by: ETO Markets

US revealed that factory orders increased 1.4% in February, surpassing the 1% forecast and rising from -3.8% in January. Additionally, the US Bureau of Labor Statistics reports that as of the final business day of February, there were 8.75 million job opportunities. The number exceeded the previously reported 8.74 million, which was revised down from 8.86 million. The labor market is still far from cooling as the Federal Reserve would prefer. 

It can be seen on the 4-hour chart of the XAU/USD, where the precious metal extends gains well beyond positive moving averages, indicating the prevailing uptrend. Furthermore, it appears that the bullish momentum is strengthening as the gap between the price and the moving averages widens. Technical indicators, which remain within overbought values, support the bullish thesis. The rationale for a downward extension appears limited as the price hovers around $…, despite losing strength upward. The support aligns with the 20-SMA around $...