Gold rockets above $4,500, set for 4% weekly gain post US NFP

Gold prices have surged above $4,500, poised for nearly a 4% weekly gain following mixed US employment data. While job additions fell short of expectations, the unemployment rate saw a dip, leading investors to speculate on a potential rate cut by the Federal Reserve this year. Typically, lower interest rates boost gold's appealing as a non-yielding asset, suggesting that further gains might be anticipated in such conditions. Technically, the $4,500 level may act as a new psychological resistance, but if the current upward trend persists, a pathway towards new highs remains open. The recent surge may prompt some traders to consider profit-taking, yet a strong bullish sentiment towards gold prevails overall.