Gold Daily | Gold Prices Dip as Dollar Strengthens; Focus on U.S. Jobs Data and Trade Tensions
Thursday, Mar 6, 2025 7:01 am ET
1min read 【Latest Gold Price and Recent Trends】
International gold prices have slightly decreased, currently around $2,895, influenced by a rising U.S. dollar and Treasury yields. Market focus is on upcoming U.S. non-farm payroll data, which could impact Federal Reserve's interest rate decisions amid trade tensions.
【Technical Analysis】
Gold's short-term outlook remains bullish if it holds above the 21-day moving average at $2,906. Key resistance lies at $2,930, with potential targets at historical highs of $2,956 and $2,970. A drop below $2,906 may test support levels at $2,850 and $2,835.
【Market Sentiment and Economic Background】
The U.S. dollar's recovery and Treasury yield rise have dampened gold's appeal. Trade tensions, especially with Canada, Mexico, and China, increase inflation fears, causing gold to be perceived as a hedge against economic uncertainty. The U.S. private sector added only 77,000 jobs in February, below expectations, affecting dollar performance and gold prices. The U.S. non-farm payroll report and developments in U.S. tariffs will be critical.
【Analyst Opinions】
Analysts generally maintain a positive outlook for gold, citing trade war worries and potential Federal Reserve rate cuts as supportive factors. Despite short-term corrections, the overall trend is bullish. Key data and geopolitical events, such as U.S. employment figures and tariff negotiations, are expected to influence gold's movement.
International gold prices have slightly decreased, currently around $2,895, influenced by a rising U.S. dollar and Treasury yields. Market focus is on upcoming U.S. non-farm payroll data, which could impact Federal Reserve's interest rate decisions amid trade tensions.
【Technical Analysis】
Gold's short-term outlook remains bullish if it holds above the 21-day moving average at $2,906. Key resistance lies at $2,930, with potential targets at historical highs of $2,956 and $2,970. A drop below $2,906 may test support levels at $2,850 and $2,835.
【Market Sentiment and Economic Background】
The U.S. dollar's recovery and Treasury yield rise have dampened gold's appeal. Trade tensions, especially with Canada, Mexico, and China, increase inflation fears, causing gold to be perceived as a hedge against economic uncertainty. The U.S. private sector added only 77,000 jobs in February, below expectations, affecting dollar performance and gold prices. The U.S. non-farm payroll report and developments in U.S. tariffs will be critical.
【Analyst Opinions】
Analysts generally maintain a positive outlook for gold, citing trade war worries and potential Federal Reserve rate cuts as supportive factors. Despite short-term corrections, the overall trend is bullish. Key data and geopolitical events, such as U.S. employment figures and tariff negotiations, are expected to influence gold's movement.
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