Gold Daily | Gold Edges Up 0.2% Amid US Jobs Report Focus and Persistent Inflation Concerns
Market BriefWednesday, Jan 8, 2025 7:00 am ET
1min read【Latest Gold Price and Recent Trends】
Gold prices slightly increased by 0.2% to $2,653 as investors focus on the upcoming US jobs report, which may impact the Federal Reserve's interest rate path. The dollar remains strong due to robust US economic data boosting yields.
【Technical Analysis】
On the daily chart, gold remains in a range between $2,600 support and $2,721 resistance. In the 4-hour chart, prices retreated after testing $2,660, requiring a breakthrough at this level to aim for $2,721. The 1-hour chart shows sellers targeting the support level, while buyers seek opportunities to push towards resistance.
【Market Sentiment and Economic Background】
The market is awaiting the US non-farm payrolls report and CPI data for clues on Fed policy. Strong JOLTS and ISM PMI data have tempered Fed rate cut expectations. Persistent inflation concerns and geopolitical risks provide a support net for gold, despite rising bond yields pressuring its appeal.
【Analyst Opinions】
Economies.com suggests that gold’s technical indicators show a bullish signal, paving the way for further rises. FXEmpire analyst Arslan Ali sees a potential breakout from the symmetrical triangle pattern, with key resistance at $2,663.30 and $2,692.57, and support at $2,614.22. The market remains cautious ahead of Federal Reserve indicators and geopolitical tensions, influencing both gold demand and price stability.
Gold prices slightly increased by 0.2% to $2,653 as investors focus on the upcoming US jobs report, which may impact the Federal Reserve's interest rate path. The dollar remains strong due to robust US economic data boosting yields.
【Technical Analysis】
On the daily chart, gold remains in a range between $2,600 support and $2,721 resistance. In the 4-hour chart, prices retreated after testing $2,660, requiring a breakthrough at this level to aim for $2,721. The 1-hour chart shows sellers targeting the support level, while buyers seek opportunities to push towards resistance.
【Market Sentiment and Economic Background】
The market is awaiting the US non-farm payrolls report and CPI data for clues on Fed policy. Strong JOLTS and ISM PMI data have tempered Fed rate cut expectations. Persistent inflation concerns and geopolitical risks provide a support net for gold, despite rising bond yields pressuring its appeal.
【Analyst Opinions】
Economies.com suggests that gold’s technical indicators show a bullish signal, paving the way for further rises. FXEmpire analyst Arslan Ali sees a potential breakout from the symmetrical triangle pattern, with key resistance at $2,663.30 and $2,692.57, and support at $2,614.22. The market remains cautious ahead of Federal Reserve indicators and geopolitical tensions, influencing both gold demand and price stability.
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