Gold Daily Forecast: Key U.S. Data Could Influence Gold's Bullish Momentum
Market Overview
Gold prices eased slightly after reaching a record high of $2,685.42 per ounce, yet the yellow metal is poised for its most significant quarterly gain in over eight years. This surge, triggered by the U.S. Federal Reserve's recent rate cut, showcases a 14% rise this quarter alone. Ongoing geopolitical tensions and renewed interest in safe-haven assets continue to bolster gold’s appeal.
Key U.S. Data and Fed Comments in Focus
Upcoming U.S. economic reports, including ISM Manufacturing PMI and JOLTS Job Openings, will be pivotal. A weak labor market or manufacturing data could indicate further Fed rate cuts, thus supporting gold prices. Market participants will also watch for the ADP employment report and non-farm payroll data for insights on economic health.
Short-Term Forecast
Gold is currently trading at $2,638.45, just above crucial support levels. A breakthrough above resistance at $2,649.83 may signal bullish momentum, while falls below $2,630.95 could bring selling pressure. Analysts emphasize monitoring these levels closely to gauge future price movements.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.