icon
icon
icon
icon
🏷️$300 Off
🏷️$300 Off

News /

Articles /

Gold Daily | Gold Nears One-Week High on Weak U.S. Jobs Data, Fed Rate Cut Hopes Boost Market

Market BriefFriday, Sep 6, 2024 8:00 am ET
1min read
【Latest Gold Price and Recent Trends】

Gold prices are hovering near a one-week high at $2,515 per ounce, set for a weekly gain of 0.6% driven by weak U.S. employment data and falling real yields, influencing market expectations of a Federal Reserve rate cut.

【Technical Analysis】

In the daily chart, gold rebounded from the support zone near $2,480 and is trading near the range top. Resistance is at $2,530, with short-term risks if U.S. data is strong. The 4-hour chart shows a trading range between $2,480 and $2,530, with key focus on the non-farm payroll report. The 1-hour chart suggests potential buying if prices break the downtrend line, with significant market reaction expected to the employment report.

【Market Sentiment and Economic Background】

The gold rally is driven by weak U.S. job data, which has led to a dovish market stance. The ADP report showed the lowest private-sector job growth since January 2021, pressuring the dollar and boosting gold. The Fed's potential rate cut of 50 basis points is increasingly expected by markets. The economic sentiment is cautious, with investors awaiting the crucial non-farm payroll report for further direction. The dollar weakness and lower U.S. Treasury yields continue to support gold prices amidst ongoing economic uncertainties.

【Analyst Opinions】

Analysts from various institutions indicate a cautiously bullish outlook for gold. Haresh Menghani of FXStreet notes that gold remains supported near its weekly high, driven by a dovish Fed and recession concerns. Exinity Group expects gold to reach new highs if the U.S. unemployment rate remains at July's high of 4.3%. Windsor Brokers suggest that disappointing non-farm employment data could lead to new historical highs for gold. However, the market remains vigilant for significant employment data that could impact the Fed's rate decision.
Comments

Add a public comment...
Post
No Comment Yet
Disclaimer: The news articles available on this platform are generated in whole or in part by artificial intelligence and may not have been reviewed or fact checked by human editors. While we make reasonable efforts to ensure the quality and accuracy of the content, we make no representations or warranties, express or implied, as to the truthfulness, reliability, completeness, or timeliness of any information provided. It is your sole responsibility to independently verify any facts, statements, or claims prior to acting upon them. Ainvest Fintech Inc expressly disclaims all liability for any loss, damage, or harm arising from the use of or reliance on AI-generated content, including but not limited to direct, indirect, incidental, or consequential damages.
You Can Understand News Better with AI.
Whats the News impact on stock market?
Its impact is
fork
logo
AInvest
Aime Coplilot
Invest Smarter With AI Power.
Open App