Coin World News: Gold hit a fresh intraday high during the European session on Thursday and extended its steady rebound against the backdrop of a slightly weaker U.S. dollar. However, elevated expectations of a Federal Reserve rate hike and geopolitical risks provided support for the dollar, keeping gold prices confined within the previous trading day's range. Traders also stayed on the sidelines ahead of the closely watched U.S. monthly employment data, avoiding aggressive directional bets. According to the CME FedWatch Tool, traders still price in about a 64% probability of a rate hike in September and nearly 85% by the end of the year. Federal Reserve Chairman Walsh's speech on Wednesday reinforced these expectations, as he reiterated the commitment to the 2% inflation target. Attention now shifts to the upcoming U.S. nonfarm payrolls report. From a technical perspective, gold remains below the 100-period moving average, reinforcing a near-term bearish bias.

GLDX0.82%
View Original
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
  • Reward
  • 2
  • 1
  • Share
Comment
Add a comment
Add a comment
NeonUmbrella
· 6h ago
Technical analysis shows resistance at the 100-period moving average plus a hawkish stance from the Fed, the bearish trend isn't over yet, wait for tonight's Nonfarm Payrolls outcome to see the direction.
View OriginalReply0
AuroraStone
· 6h ago
Before the non-farm payroll data, it's indeed difficult to have big moves. With a 64% probability of a rate hike here, gold is still under pressure in the short term.
View OriginalReply0
  • Pinned