Technical analysis by Zayn_Muaath about Symbol PAXG on 5/2/2025

As of May 2, 2025, gold (XAU/USD) has rebounded from a two-week low, trading around $3,256 per ounce, recovering approximately 0.5% from the previous session’s decline. This uptick follows a nearly 2% drop earlier in the week, marking the steepest weekly loss since late February . Key Factors Influencing Gold’s Next Move1. Upcoming U.S. Non-Farm Payrolls ReportInvestor attention is focused on the forthcoming U.S. non-farm payrolls report, expected to show a gain of 130,000 jobs in April, down from March’s 228,000. This data could influence the Federal Reserve’s policy outlook, affecting gold’s appeal as a safe-haven asset . 2. Central Bank Policies and Economic IndicatorsGoldman Sachs forecasts that gold prices could surpass $3,700 and even reach $4,800 by mid-2026, driven by recession concerns and central bank policies . Additionally, a recent Reuters poll predicts that the average annual gold price will exceed $3,000 per troy ounce in 2025, marking the first time such a forecast has been made .  3. Geopolitical Tensions and Market VolatilityOngoing geopolitical uncertainties continue to bolster gold’s status as a safe-haven asset. Investor demand remains strong amid persistent global tensions, despite easing trade disputes between the U.S. and China .  Technical OutlookTechnically, gold’s recent recovery suggests potential for further gains. Key resistance levels to watch include $3,300 and $3,400. Support is seen around $3,200, with a break below this level possibly leading to a pullback toward $3,100. ConclusionGold’s outlook remains positive, supported by strong investor demand, favorable economic indicators, and ongoing geopolitical uncertainties. While short-term fluctuations are possible, the medium to long-term trend appears bullish, with potential for gold to reach new record highs in the coming months.