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

AInvestSaturday, Dec 7, 2024 7:00 am ET
1min read
【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.
Disclaimer: the above is a summary showing certain market information. AInvest is not responsible for any data errors, omissions or other information that may be displayed incorrectly as the data is derived from a third party source. Communications displaying market prices, data and other information available in this post are meant for informational purposes only and are not intended as an offer or solicitation for the purchase or sale of any security. Please do your own research when investing. All investments involve risk and the past performance of a security, or financial product does not guarantee future results or returns. Keep in mind that while diversification may help spread risk, it does not assure a profit, or protect against loss in a down market.