Gold Daily | Gold Stable as Investors Await U.S. Jobs Data; Breaks Downtrend, Targeting New Highs

【Latest Gold Price and Recent Trends】

Gold prices remain stable on Thursday as investors await the U.S. non-farm payroll data due Friday to gauge the Federal Reserve's interest rate path. Gold has climbed recently, reaching $3393 as global trade tensions persist.

【Technical Analysis】

On the daily chart, gold has broken the previous downtrend, paving the way for new highs with a target at $3438. In the short term, $3330 serves as a significant support level on the hourly chart.

【Market Sentiment and Economic Background】

Weak U.S. economic data and a softer dollar are driving gold prices higher, with the ISM non-manufacturing index showing the first contraction in nearly a year. President Trump has called for rate cuts amid labor market concerns, fueling expectations of a dovish Fed shift.

【Analyst Opinions】

Analysts suggest that weak U.S. employment data could increase market bets on a dovish Fed, benefiting gold. Continued geopolitical tensions and low-interest rate environments support gold's appeal as a safe-haven asset. Analysts project gold to reach $3350 in the next three months and $3500 over a year.