Gold Prices Slip from Record High, Market Wary of US Jobs Data
Global gold prices experienced a correction in trading on Thursday morning after briefly touching a record high. Investors are adopting cautious measures ahead of the release of US employment data, which is expected to determine the direction of the Federal Reserve's (Fed) interest rate policy.
Market sentiment is now focused on the August Non-Farm Payrolls (NFP) report, which is expected to only record 78,000 job growth. This figure is far below the historical trend and could potentially delay expectations of a Fed interest rate cut.
Furthermore, US President Donald Trump's statement regarding potential changes in trade policy has also added to uncertainty, leading some investors to reduce their exposure to gold as a hedge.
From a technical perspective, daily gold indicators are showing selling pressure. Several oscillators, such as the RSI and Stochastic, indicate that previously overbought conditions are now shifting into a correction phase. Meanwhile, Moving Average signals on the daily chart indicate a strong sell-off, signaling the potential for further weakness.
The nearest support level is estimated at US$3,500, while short-term resistance is around US$3,600. If the price fails to hold above the support level, there is still room for further declines.
A combination of profit-taking, market caution ahead of US employment data, and bearish technical signals drove gold prices lower today. However, analysts believe the medium-term trend remains bullish as long as expectations of a Fed interest rate cut and global uncertainty continue to support safe-haven demand.
Source: Newsmaker.id
