Gold Daily | Gold Rebound Continues as U.S. Jobs Data Looms, Eyes on Key Resistance at $3377

【Latest Gold Price and Recent Trends】

Gold is near $3363 per ounce, maintaining a rebound trend. The price shows bullish signs ahead of the U.S. non-farm payroll data, and key resistance is at $3377. A weak report may boost gold significantly.

【Technical Analysis】

Gold shows no technical change; the bullish outlook remains strong as prices hold above critical levels, particularly the 21-day SMA and the 38.2% Fibonacci retracement at $3297. RSI is above the midline, indicating buyer strength. For an uptrend, prices must surpass $3377 and attack May’s high of $3439. Resistance levels to watch are $3367.10, $3382.60, and $3394.05.

【Market Sentiment and Economic Background】

Economic sentiment remains focused on the U.S. jobs report, which could influence Fed rate decisions and impact the dollar, thereby affecting gold prices. Recently, U.S.-China trade discussions have softened political tensions, reducing immediate risk, which influences gold's appeal as a haven. If Friday's employment data is poor, expectations for earlier Fed rate cuts may rise, favoring gold.

【Analyst Opinions】

Analysts suggest that a weak non-farm payroll report will negatively affect the dollar, pushing gold higher. Gold's performance is tied to Fed policy shifts, with expectations of a rate cut in September. Analysts remain optimistic about gold's potential upside, pending critical data releases, particularly employment figures.