Next week will be an important test for gold. This level has become an important pivot point.
Gold appears to be overbought on the monthly chart, and a midweek close below $2,300 would cast a considerable shadow on the upside and potentially spell trouble for some bulls.
Gold price action so far has been described as a healthy correction. The next major support level is expected to be around $2,255 an ounce. Staying above this level would send a signal to the market that the pullback is nothing more than a weak correction in a strong uptrend. While the Fed and Friday's non-farm payrolls report will be next week's two major economic events, there's still a lot of data coming out that will add to volatility next week.
Still, the central theme remains the tug-of-war between economic growth and inflation.
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After the Asian market opened, it once hit a low of $2,322, with a drop of as much as $15. It then rebounded around $2,335. It encountered resistance above and has now fallen back to $2,328.