Today's market analysis

SOOLIKE | 2024-10-07 10:55

Abstract：Gold price retraces after a stronger-than-expected US jobs report hinted that the labor market remains solid and that the Federal Reserve (Fed) will likely ease policy in 25-basis-point (bps) chunks.

Gold price retraces after a stronger-than-expected US jobs report hinted that the labor market remains solid and that the Federal Reserve (Fed) will likely ease policy in 25-basis-point (bps) chunks. At the time of writing, the XAU/USD trades at $2,646, down 0.40%.

The US Bureau of Labor Statistics (BLS) revealed that the labor market is far from being in a tough spot following an outstanding September jobs report. The data reduced the pressure on the Fed, which reduced borrowing costs by 0.50% at the September meeting, amid fears of achieving the US central bank maximum employment mandate.

Gold opened at around 2650 and rose to around 2652 at the highest and around 2648 at the lowest before press time.Pay attention to the resistance of 2670-2680-2690. If it fails to break through, it will test2640-2630-2620