Gold Daily | Spot Gold Rises 0.74% Amid U.S. Job Data and Uncertainty Over Trump's Policies
Saturday, Jan 11, 2025 7:01 am ET
1min read 【Latest Gold Price and Recent Trends】
On Friday, spot gold significantly increased, closing around $2,690/oz, marking a 0.74% rise. The strong U.S. non-farm payroll data added uncertainty over Trump's policies, enhancing gold's allure as a safe haven.
【Technical Analysis】
Gold is showing a bullish momentum, trading above several moving averages with RSI indicating a short-term bullish bias. The first support level is $2,675/oz, with resistance at $2,720/oz. A break above could lead to $2,790/oz. Failure to hold $2,675/oz could see support at $2,645-2,635/oz.
【Market Sentiment and Economic Background】
Gold rebounded despite strong U.S. employment data, which reduced the likelihood of rate cuts. Trump's upcoming policies create uncertainty, supporting gold. Investors await key economic data from China and the U.S. that could impact gold's direction. The U.S. non-farm payrolls exceeded expectations, driving market speculation on future Fed rate decisions.
【Analyst Opinions】
Analysts believe gold's resilience amidst strong employment data is due to pre-inauguration uncertainties surrounding Trump's policies. Despite rising U.S. Treasury yields, gold's safe-haven demand persists. Analysts suggest watching Chinese economic data and U.S. inflation figures, as these could dictate gold's next moves. Short-term traders are cautious due to potential rapid market reversals triggered by unexpected news.
On Friday, spot gold significantly increased, closing around $2,690/oz, marking a 0.74% rise. The strong U.S. non-farm payroll data added uncertainty over Trump's policies, enhancing gold's allure as a safe haven.
【Technical Analysis】
Gold is showing a bullish momentum, trading above several moving averages with RSI indicating a short-term bullish bias. The first support level is $2,675/oz, with resistance at $2,720/oz. A break above could lead to $2,790/oz. Failure to hold $2,675/oz could see support at $2,645-2,635/oz.
【Market Sentiment and Economic Background】
Gold rebounded despite strong U.S. employment data, which reduced the likelihood of rate cuts. Trump's upcoming policies create uncertainty, supporting gold. Investors await key economic data from China and the U.S. that could impact gold's direction. The U.S. non-farm payrolls exceeded expectations, driving market speculation on future Fed rate decisions.
【Analyst Opinions】
Analysts believe gold's resilience amidst strong employment data is due to pre-inauguration uncertainties surrounding Trump's policies. Despite rising U.S. Treasury yields, gold's safe-haven demand persists. Analysts suggest watching Chinese economic data and U.S. inflation figures, as these could dictate gold's next moves. Short-term traders are cautious due to potential rapid market reversals triggered by unexpected news.
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