GOLD REMAINS UNDER PRESSURE AS USD STRENGTH AND NFP EXPECTATIONS DRIVE FOCUS
Gold (XAU/USD) remains range-bound as markets await the US Nonfarm Payrolls (NFP) report. September payrolls are expected to rise by 90,000, versus 162,000 previously, while unemployment is forecast to remain at 4.1%. Average hourly earnings will also be watched for signals on inflation and Fed policy.
The US Dollar remains near its highest level in more than a year, while elevated Treasury yields continue to weigh on Gold. Stronger US economic activity, rising raw material prices and higher energy costs are keeping inflation and Fed policy expectations in focus.
Technically, XAU/USD remains below the 200-period SMA on the 4-hour chart. The RSI near 43 suggests downside momentum has eased, while the MACD remains positive, pointing to a potential pause rather than a clear reversal.
On the upside, $4,200 is followed by resistance at $4,230, $4,319, the 200-period SMA at $4,386, and $4,408. On the downside, support is seen at $4,103, followed by the previous swing low near $3,942.
For market participants, the key factors remain NFP data, Fed rate expectations, US Dollar strength, Treasury yields and the $4,103–$4,408 technical range, which may provide further context for Gold’s near-term direction.
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