Article by: ETO Markets

The Middle East's persistent geopolitical threats and the Federal Reserve's (Fed) anticipated easing of monetary policy should support the yellow metal. The US Nonfarm Payrolls report for March, which is predicted to show 200K new jobs added in March, is anticipated to provide market participants with new momentum on Friday. 

The price of gold is continually rising toward its all-time highs with the help of several tailwinds. The precious metal verifies the $… round-level amount. Momentum indicators that are extremely overbought are raising hopes for a minor pullback. The Relative Strength Index is close to 80. Given that the RSI has been steadily fluctuating inside the bullish band of 60-80 for over a month, there is clearly significant demand in the near term. Strong near-term demand is also suggested by the increased slope of all short-to-long-term Exponential Moving Averages. On the downside, the key support level is the high of $… on March 21.