Gold Daily | Gold Rebounds Amid US Job Data Anticipation; Key Levels at $3234 and $3260 in Focus
Friday, May 2, 2025 8:01 am ET
1min read 【Latest Gold Price and Recent Trends】
Gold prices have rebounded, currently around $3252 per ounce, after a sharp drop on Thursday. Traders are cautious ahead of the US non-farm payroll data, which may provide fresh market direction.
【Technical Analysis】
Gold prices are holding above the 21-day SMA at $3234, preventing further declines after breaking a three-week uptrend. The RSI is slightly above the midline at 52.50, suggesting potential for a rebound if data disappoints. A break above $3260 could target $3350, while a drop below $3234 opens the path to $3150.
【Market Sentiment and Economic Background】
Investors are on edge due to the upcoming US non-farm payroll report, which is expected to show significant slowdown in job growth to 130,000 from March's 228,000. If the data falls below 100,000, concerns about tariff impacts may increase, supporting gold prices. Conversely, strong data above 200,000 could boost the dollar and pressure gold further.
【Analyst Opinions】
Analysts suggest gold prices might react more strongly to disappointing employment data. Economic indicators signal potential US economic weakness, with a dramatic slowdown in private sector job growth reported by ADP. The anticipation of US non-farm payrolls and ISM data is pivotal for short-term gold movement. Some analysts predict price correction due to high RSI levels, while others foresee further decline without a breakout above $3350.
Gold prices have rebounded, currently around $3252 per ounce, after a sharp drop on Thursday. Traders are cautious ahead of the US non-farm payroll data, which may provide fresh market direction.
【Technical Analysis】
Gold prices are holding above the 21-day SMA at $3234, preventing further declines after breaking a three-week uptrend. The RSI is slightly above the midline at 52.50, suggesting potential for a rebound if data disappoints. A break above $3260 could target $3350, while a drop below $3234 opens the path to $3150.
【Market Sentiment and Economic Background】
Investors are on edge due to the upcoming US non-farm payroll report, which is expected to show significant slowdown in job growth to 130,000 from March's 228,000. If the data falls below 100,000, concerns about tariff impacts may increase, supporting gold prices. Conversely, strong data above 200,000 could boost the dollar and pressure gold further.
【Analyst Opinions】
Analysts suggest gold prices might react more strongly to disappointing employment data. Economic indicators signal potential US economic weakness, with a dramatic slowdown in private sector job growth reported by ADP. The anticipation of US non-farm payrolls and ISM data is pivotal for short-term gold movement. Some analysts predict price correction due to high RSI levels, while others foresee further decline without a breakout above $3350.
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