Gold Daily | Gold Prices Dip on Strong Dollar, Fed Rate Cut Bets Amid Weak US Job Growth

【Latest Gold Price and Recent Trends】

Gold prices fell to $2,734.93 per ounce, down 0.32%, influenced by a stronger dollar and rising US Treasury yields. Weak US employment growth data limited losses as analysts increased bets on a Fed rate cut.

【Technical Analysis】

Gold prices hovered around a crucial pivot at $2,759. A breakthrough above $2,760 could target resistance at $2,774, while a drop below $2,746 might prompt selling pressure. Short-term indicators suggest a bearish momentum, indicating potential support at $2,718.

【Market Sentiment and Economic Background】

The US employment report showed only 12,000 new jobs in October, the smallest increase since December 2020, affected by hurricanes and aerospace factory strikes. Investors anticipate a 100% chance of a 25-basis point Fed rate cut next week. Meanwhile, geopolitical tensions in the Middle East and US election uncertainties provided some support for gold, despite the pressure from a strong dollar and rising bond yields.

【Analyst Opinions】

Analysts suggest that gold could test $2,800 if geopolitical and election uncertainties persist. However, the strong dollar and higher bond yields limit upward potential. The market awaits US job data, which could alter Fed rate cut expectations, further influencing gold's trajectory.