Gold Daily | Spot Gold Nears $2,700 Amid Strong U.S. Jobs Data and Bullish Market Sentiment

【Latest Gold Price and Recent Trends】

As of the latest update, spot gold prices are near $2,688, experiencing a slight drop of 0.1%. Recently, strong U.S. employment data bolstered the dollar and treasury yields, yet gold remains robust, nearing the $2,700 resistance level.

【Technical Analysis】

Analysts highlight a bullish sentiment as gold buyers show resilience despite a bearish crossover. The Relative Strength Index (RSI) is above 60, indicating potential for further upside. Key resistance levels are at $2,710 and $2,726, while critical support is seen at $2,645.

【Market Sentiment and Economic Background】

The robust U.S. nonfarm payroll report exceeded expectations, suggesting economic resilience and supporting the Federal Reserve's cautious stance on monetary easing. The anticipation of higher tariffs under President Trump could further elevate inflation pressures. Market focus is shifting to upcoming U.S. inflation data for signs of economic weakness, which could influence the dollar and treasury yields.

【Analyst Opinions】

Market analysts note a strong labor market, yet caution remains due to potential risks later in the year. Despite strong employment numbers, the Fed's path is seen as less dovish, supporting the dollar's strength. Analysts also observe increased investor interest in gold as a hedge against inflation and geopolitical uncertainty, despite higher yields typically reducing gold's appeal. Potential trade wars and geopolitical risks could bolster gold as a safe-haven asset.