Gold retested the broken daily trendline, supported by rising stagflation concerns following significant payrolls revisions. After an aggressive retest, gold is now pulling back, with the technical outlook turning slightly bearish due to the rejection.
However, this move could be temporary. Further weak U.S. data or dovish commentary from the Federal Reserve could reignite bullish momentum and push gold higher.
In the short term, the key levels to watch are 3342 as support and 3384 as resistance. A reaction to the upside from 3342 -3350 zone has a significant likelihood.