Spot Gold Edges Up Amid USD Strength and Trump's BRICS Warning – Eyes on U.S. Jobs Data, Fed Powell
Spot Gold saw a slight rebound as the US Dollar (DXY) strengthened following President-elect Donald Trump's warning to BRICS nations about attempts to replace the greenback.
This sets the stage for a pivotal week, with market attention shifting to key US labour market data, including the November Non-Farm Payrolls, job openings, wage growth, and activity in manufacturing and services.
These reports are expected to impact the Federal Reserve's policy outlook significantly.
Projections suggest 202,000 jobs were added in November, with unemployment increasing slightly to 4.2%.
Federal Reserve Chair Jerome Powell’s speech will be closely monitored for hints on the Fed's future monetary policy, particularly as the market anticipates a rate cut, with easing potentially extending into 2025.
Traders should remain alert to any shifts in sentiment as these data points are released.
Based on the technical signals, the Relative Strength Index (RSI) is mixed, and the Moving Average Convergence Divergence (MACD) reflects a mixed stance.
Meanwhile, the Average Directional Index (ADX) indicates a ranging market.
Given these signals, further whipsaw movement is expected as the market attempts to firm up the bullish trend.
The close above $2,648-49 shows a move toward $2,679-82. Reassess at that level.
Daily Chart Spot Gold
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