Gold Daily | Gold Climbs Amid Fed Rate Speculation and Mideast Tensions, Key Labor Data Awaited

【Latest Gold Price and Recent Trends】

Gold rose 0.3%, trading at $2,645, below last week's record high. Prices hover below peak as Fed signals smaller rate cuts, with impending labor data in focus.

【Technical Analysis】

Gold remains above key support at $2,630.95, with resistance at $2,649.83. A break above could signal a bullish reversal targeting $2,659.65. Failure could lead to further selling, targeting $2,622.85.

【Market Sentiment and Economic Background】

The Fed might cut rates by 25 basis points in November, over 60% probability. Mideast tensions and US economic data like PMI and JOLTS are critical. Gold benefits from lower rates, seen as a hedge during unrest.

【Analyst Opinions】

Analysts expect gold's next rise from ETF investors. Weak US data may prompt Fed cuts, boosting gold. Fed's Powell and other speeches could sway gold's direction. Market eyes labor data for Fed cues.