Spot Gold Rebounds as Bargain Hunters Return
Bargain hunters are returning to spot gold despite the U.S. Dollar Index (DXY) rebounding to 101.20, driven by data highlighting a resilient U.S. labour market and comments from Federal Reserve Chair Jerome Powell, who stated that the central bank is 'not on any preset course' regarding rate policy.
With a busy week of economic data ahead, investors are focused on Friday's September jobs report (Non-Farm Payrolls), which could significantly impact expectations for the Fed's actions during its November 6-7 meeting.
Key updates this week will also include the ADP Non-Farm Employment Change.
Technical indicators show that the Relative Strength Index (RSI) is mixed.
The Moving Average Convergence Divergence (MACD) holds a weak positive signal, and the Average Directional Index (ADX) indicates a ranging market.
Traders should closely monitor signals and adjust risk strategies amid ongoing volatility.
Any return of weakness may find initial support around $2,626-27, with additional support at $2,600-12.
This setup could create a potential bounce from these levels.
While notable opportunities exist, traders should exercise caution and closely monitor signals, as increased market volatility due to renewed demand is anticipated, which could eventually reach $2,694-$2,700.
Daily Chart Spot Gold
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