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Gold Daily | Gold Rebounds Amid Middle East Tensions; U.S. Jobs Report Could Sway Prices

AInvestFriday, Oct 4, 2024 8:00 am ET
1min read
【Latest Gold Price and Recent Trends】

Gold is trading near $2663 per ounce, maintaining a rebound amid geopolitical tensions in the Middle East. Investors are eyeing the U.S. non-farm payroll report, which could further impact gold prices.

【Technical Analysis】

Gold has been consolidating below the crucial resistance at $2670, indicating potential upward movement. RSI remains bullish. Resistance is seen at historical highs around $2686, with further targets at $2700 and $2752.

【Market Sentiment and Economic Background】

Geopolitical tensions, particularly between Israel and Iran, have supported gold's safe-haven appeal. Meanwhile, the U.S. dollar's recent strength has capped gains. The upcoming U.S. non-farm payroll report is crucial for future Fed policy expectations, with predictions of 140,000 new jobs in September and an unchanged unemployment rate of 4.2%.

【Analyst Opinions】

Analysts suggest that unexpected strength in employment data could support the U.S. dollar, impacting gold negatively. Conversely, weaker data might revive expectations for a significant Fed rate cut, boosting gold. High Ridge Futures suggests market anticipation of a potential 50 basis point rate cut could benefit gold, while a smaller cut might see prices fall.
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.