Gold Daily | Prices Rebound on US Jobs Data and Middle East Tensions, Eyeing $2670 Resistance

【Latest Gold Price and Recent Trends】

Gold prices rebounded to $2663 per ounce after dropping below $2630, influenced by US job data and Middle East tensions. The geopolitical risks involving Israel and Iran are supporting gold prices.

【Technical Analysis】

Gold remains in a consolidation phase below the crucial $2670 resistance. The RSI is in bullish territory, suggesting potential for further gains. A break above $2670 could lead to a challenge of the 2023 high at $2685 and target $2700.

【Market Sentiment and Economic Background】

Strong US job data with 254,000 new jobs in September exceeded expectations, reducing the pressure on the Fed for a significant rate cut, boosting the dollar. The labor market is robust, with unemployment at 4.1%. However, geopolitical tensions, especially between Israel and Iran, are sustaining gold's safe-haven appeal.

【Analyst Opinions】

Analysts suggest that if geopolitical tensions escalate over the weekend, gold could easily reach $2700, possibly testing new highs. The market awaits US inflation data and jobless claims, with geopolitical developments likely to limit gold's downside. Expectations of a Fed rate cut of 25 basis points in November remain high, supporting gold prices amid Middle East tensions.