Gold prices rose above $4,000 after weak U.S. jobs data. This data lowered expectations for a quick U.S. Federal Reserve interest rate hike.
The precious metal rebounded from a support level of $3,950. This move keeps the long-term bullish trend for gold intact.
Gold must pass $4,350 to confirm a stronger rally. A successful break could push prices towards $5,000.
Several factors may shape gold’s next move. These include further jobs data, central bank demand, key technical levels, and the gold-to-silver ratio.