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Gold (XAU/USD) has bounced from last week’s lows below the $3,900 level, yet bulls remain unable to confirm above a previous support area around $4,045 (October 24 low), which leaves price action fluctuating without a clear bias around the $4,000 level on Monday,, with investors awaiting US manufact
💡 DMK Insight
Gold’s struggle to break above $4,045 is a critical signal for traders right now. With prices hovering around $4,000, the inability to reclaim that previous support suggests indecision in the market. This could lead to increased volatility as traders await upcoming US manufacturing data, which might provide the catalyst needed for a breakout or a deeper pullback. If bulls can push through $4,045, we could see a rally towards the next resistance level, while a failure to do so might trigger selling pressure, potentially testing the recent lows below $3,900 again. Keep an eye on the manufacturing data release; it could be the turning point for gold’s direction in the short term. Also, watch for correlated moves in the dollar index, as a stronger dollar typically weighs on gold prices, while a weaker dollar could provide the support gold needs to climb higher.
📮 Takeaway
Watch for gold to break above $4,045 or risk a drop back towards $3,900, especially with US manufacturing data on the horizon.
