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Gold Daily | Spot Gold Rebounds Amid Dollar Strength and U.S. Job Data, Eyes on Upcoming Employment Reports
Generated by AI AgentAinvest Market Brief
Wednesday, Jun 4, 2025 8:01 am ET1min read
【Latest Gold Price and Recent Trends】
Spot gold has rebounded to approximately $3,364 per ounce after a significant drop. Recent trends show volatility due to stronger dollar influenced by U.S. job data, impacting gold prices negatively.
【Technical Analysis】
Analysts note consolidation in gold's recent gains, with upward risks still present. On daily charts, gold remains above all moving averages, with the 20-day SMA at $3,292.80 providing support. On the 4-hour chart, gold maintains a bullish stance, rebounding from the 20-period SMA that has surpassed the 100 and 200-period SMAs. Key support levels are at $3,333.10 and $3,316.65, while resistance is at $3,367.75 and $3,394.05.
【Market Sentiment and Economic Background】
Gold's recent decline is attributed to the dollar's strength following optimistic JOLTS job data, making gold relatively expensive for overseas buyers. Rising U.S. Treasury yields further pressured gold prices. The labor market's resilience supports dollar strength, impacting gold demand negatively. Upcoming U.S. employment indicators, including the ISM non-manufacturing PMI and Friday’s nonfarm payrolls, are anticipated to guide Federal Reserve monetary policy, influencing gold's appeal in a low-interest environment.
【Analyst Opinions】
Analysts emphasize the potential for gold prices to recover amid ongoing trade tensions and economic uncertainty. Some experts suggest gold's technical pullback offers buying opportunities, potentially targeting $3,400 per ounce. However, if gold breaks below $3,300, a significant drop may occur, testing the 50-day SMA at $3,235. Economic forecasts highlight slower global growth, increasing gold's appeal as a safe haven. Investors await key employment reports to assess future policy paths, with lower rates benefiting interest-free assets like gold.
Spot gold has rebounded to approximately $3,364 per ounce after a significant drop. Recent trends show volatility due to stronger dollar influenced by U.S. job data, impacting gold prices negatively.
【Technical Analysis】
Analysts note consolidation in gold's recent gains, with upward risks still present. On daily charts, gold remains above all moving averages, with the 20-day SMA at $3,292.80 providing support. On the 4-hour chart, gold maintains a bullish stance, rebounding from the 20-period SMA that has surpassed the 100 and 200-period SMAs. Key support levels are at $3,333.10 and $3,316.65, while resistance is at $3,367.75 and $3,394.05.
【Market Sentiment and Economic Background】
Gold's recent decline is attributed to the dollar's strength following optimistic JOLTS job data, making gold relatively expensive for overseas buyers. Rising U.S. Treasury yields further pressured gold prices. The labor market's resilience supports dollar strength, impacting gold demand negatively. Upcoming U.S. employment indicators, including the ISM non-manufacturing PMI and Friday’s nonfarm payrolls, are anticipated to guide Federal Reserve monetary policy, influencing gold's appeal in a low-interest environment.
【Analyst Opinions】
Analysts emphasize the potential for gold prices to recover amid ongoing trade tensions and economic uncertainty. Some experts suggest gold's technical pullback offers buying opportunities, potentially targeting $3,400 per ounce. However, if gold breaks below $3,300, a significant drop may occur, testing the 50-day SMA at $3,235. Economic forecasts highlight slower global growth, increasing gold's appeal as a safe haven. Investors await key employment reports to assess future policy paths, with lower rates benefiting interest-free assets like gold.
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Market Watch column provides a thorough analysis of stock market fluctuations and expert ratings.
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Ainvest News articles are AI-generated using advanced large language model (LLM) technology designed to analyze and synthesize publicly available data and news. While AI tools assist in producing initial drafts and insights, all AI generated content published on Ainvest is subject to comprehensive human editorial review before publication. A designated human editor reviews, verifies, and approves each article for factual accuracy, coherence, and compliance with AInvest Fintech Inc’s editorial and disclosure standards.
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