Gold Daily | Spot Gold Poised for Best Weekly Gain in Three Months Amid Fed Rate Cut Expectations

【Latest Gold Price and Recent Trends】

On Friday, spot gold increased slightly to $3558.40 per ounce, poised for the best weekly performance in three months with a 2.9% increase this week. The Fed's rate cut expectations are bolstering gold's appeal, but traders await U.S. non-farm payroll data for further clues.

【Technical Analysis】

Gold continues its upward path, rebounding from the $3500 psychological level. Resistance lies at the $3561–3562 range, with potential to test the historic high of $3578–3579. Support is at the 23.6% retracement level, then $3500. RSI is in overbought territory, suggesting possible consolidation or slight correction.

【Market Sentiment and Economic Background】

The weakening U.S. labor market is prompting rate cut expectations. Recent unemployment claims rose, and private sector job growth underperformed. Meanwhile, trade uncertainties persist despite U.S. tariff adjustments on Japanese imports.

【Analyst Opinions】

Saxo Bank's Ole Hansen sees gold's short-term direction reliant on the non-farm report's impact on rate expectations. Valeria Bednarik notes gold remains above $3550 with bullish prospects despite current consolidation. Geopolitical tensions and rate cut expectations continue to support gold as a safe haven. High Ridge Futures' David Meger highlights the essential role of the upcoming non-farm report in shaping market sentiment and its potential impact on gold through the dollar.