Gold Daily | Gold Prices Consolidate Near Highs Amid Cautious Market Awaiting Key U.S. Labor Data

【Latest Gold Price and Recent Trends】

Gold prices are consolidating near historical highs, with December futures trading at $2,538.30 per ounce, down 0.3% from last week. Investors remain cautious, awaiting U.S. labor market data and its impact on Fed policy.

【Technical Analysis】

Gold's short-term bullish trend remains intact, with key support at $2,500. The Relative Strength Index (RSI) on the daily chart remains around 60, indicating stable bullish momentum. A break above $2,530 could target the $2,600 level, while support is seen at $2,500-$2,490, and further at $2,475.

【Market Sentiment and Economic Background】

U.S. labor market data next week, including ISM, ADP, and NFP reports, will be crucial in determining gold's next major move. Speculation on Fed rate cuts continues to influence market sentiment. The PCE inflation data matched expectations, suggesting that inflation is no longer the Fed's primary focus, shifting attention to employment metrics.

【Analyst Opinions】

Analysts are divided, with some seeing any weakness in gold as a buying opportunity. Others highlight the potential for a minor correction. Blue Line Futures' Phillip Streible advises cautious, step-by-step gold accumulation. Kitco's survey reflects mixed sentiment among analysts, with no dominant view on gold's direction next week.