Today analysis 4.7.2024 Product: XAU/USD Prediction: Increase . 📈 Fundamental Analysis: The ADP employment report, known as the "mini non-farm payroll," showed that private companies added 155k jobs in June, the lowest since January and below the expected 163k jobs. Another report showed the U.S. services sector shrank last month, hurting the dollar and helping gold prices. The June ISM Non-Manufacturing Index fell sharply to 48.8, the lowest since May 2020, indicating a contraction in services. This, along with ADP data and jobless claims, pushed precious and base metals higher. Many believe the weak economy may lead the Federal Reserve to cut interest rates in September. Buyers are trying to purchase before Friday's weak jobs report. . 📉 Technical Analysis: The upward trend in gold prices will continue. The overall trend is bullish, supported by a strong Relative Strength Index (RSI). If gold prices break the mentioned neckline, they could rise to $2400, paving the way to this year's high of $2450. Conversely, if sellers push gold prices below $, they may drop further to around $2300. If they break $2300, the next support levels are the May 3 low of $2277 per ounce, followed by the March 21 high of $2222.