Gold Holds Recent Gains as US Payrolls and Key Technical Levels Come into Focus
Gold retained most of its recent gains, although momentum moderated as recovering oil prices renewed some inflation concerns and pushed US Treasury yields higher.
According to OCBC analysts Sim Moh Siong and Christopher Wong, the earlier advance was supported by lower oil prices, softer yields and the US Dollar, alongside central-bank and ETF purchases and technical buying after gold moved above key resistance.
Market attention now turns to the US payrolls report. OCBC noted that a weaker employment reading could reduce expectations of further Federal Reserve tightening, while a firmer result could lead markets to reassess the sustainability of the recent advance. This remains an institutional market assessment rather than a confirmed price outcome.
From a technical perspective, daily momentum remains mildly positive, although the rise in the Relative Strength Index has moderated. OCBC identifies $4,333 as an initial resistance reference, followed by the 100-day moving average near $4,389.
On the lower side, the 50-day moving average near $4,180 represents an important support reference, followed by the 21-day moving average around $4,082.
Market participants will continue to monitor the US payrolls report, oil prices, Treasury yields, the US Dollar and institutional demand. These factors may influence short-term volatility in gold around the identified technical levels.
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