Gold Daily | Gold Rebounds Amid Middle East Tensions; U.S. Jobs Report Could Sway Prices

【Latest Gold Price and Recent Trends】

Gold is trading near $2663 per ounce, maintaining a rebound amid geopolitical tensions in the Middle East. Investors are eyeing the U.S. non-farm payroll report, which could further impact gold prices.

【Technical Analysis】

Gold has been consolidating below the crucial resistance at $2670, indicating potential upward movement. RSI remains bullish. Resistance is seen at historical highs around $2686, with further targets at $2700 and $2752.

【Market Sentiment and Economic Background】

Geopolitical tensions, particularly between Israel and Iran, have supported gold's safe-haven appeal. Meanwhile, the U.S. dollar's recent strength has capped gains. The upcoming U.S. non-farm payroll report is crucial for future Fed policy expectations, with predictions of 140,000 new jobs in September and an unchanged unemployment rate of 4.2%.

【Analyst Opinions】

Analysts suggest that unexpected strength in employment data could support the U.S. dollar, impacting gold negatively. Conversely, weaker data might revive expectations for a significant Fed rate cut, boosting gold. High Ridge Futures suggests market anticipation of a potential 50 basis point rate cut could benefit gold, while a smaller cut might see prices fall.