Gold Daily | Gold Prices Steady Amid U.S. Job Data and Geopolitical Tensions, Awaiting Payrolls Insight

【Latest Gold Price and Recent Trends】

Gold prices recently stabilized around $2,640 per ounce, showing a slight upward movement of 0.3%. Despite recent fluctuations, the price remains within a narrow range, primarily influenced by U.S. employment data and geopolitical tensions in Korea, with the market eyeing the upcoming U.S. non-farm payrolls report for further direction.

【Technical Analysis】

Gold's recent price movement suggests a lack of clear directional momentum, with resistance at $2,670 and support at $2,600. The Relative Strength Index (RSI) is hovering around 50, reflecting indecisiveness. A break above $2,670 could see gold targeting $2,700, while a drop below $2,600 might lead to further declines.

【Market Sentiment and Economic Background】

The U.S. labor market showed signs of gradual easing, potentially opening the door for further Federal Reserve rate cuts. This, coupled with geopolitical tensions, has caused some volatility in gold prices. Market attention is currently focused on the U.S. non-farm payrolls report, which is expected to provide significant insights into the labor market's health and influence future Fed decisions.

【Analyst Opinions】

Analysts suggest that a stronger-than-expected jobs report could apply downward pressure on gold as it might dampen rate cut expectations. Conversely, weaker employment data could support gold prices due to increased expectations of Fed policy easing. With geopolitical tensions and the Fed's policy path in focus, gold remains a favored safe-haven asset amid economic uncertainties.