$Gold.com(GOLD.US)🏆 [Weekly] Gold at a Crossroads: Strong Jobs Data Reshapes the Outlook🔷 Technical SnapshotsGold has …
$Gold.com(GOLD.US)
🏆 [Weekly] Gold at a Crossroads: Strong Jobs Data Reshapes the Outlook
🔷 Technical Snapshots
Gold has corrected sharply from above US$5,400 and now trades near US$4,070, close to the key US$4,000 level.
The daily RSI is falling toward oversold territory. The 4‑hour chart shows extreme volatility. A dip below US$3,900 was quickly met with strong buying, forming a V‑shaped recovery back above US$4,000.
Short‑term momentum has improved but the broader downtrend remains intact.
🔷 Macro & Payroll Impact
October’s nonfarm payrolls delivered a big upside surprise. The economy added 165,000 jobs versus expectations of only 65,000 and the unemployment rate fell to 4.1%.
The surprised non farm payrolls data has removed any urgency for the Federal Reserve to cut rates aggressively in December.
A more hawkish Fed strengthens the US dollar and that the main headwind pulling gold lower.
🔷Analyst View
Recently, Goldman Sachs has lowered its gold forecasts.
1️⃣ End‑2026 target drops from US$4,650 to US$4,150
2️⃣ End-2027 target from US$5,400 to US$4,800.
Risks include higher oil prices and stock market volatility that could trigger further deleveraging. On the positive side, central bank buying and long‑term demand for portfolio insurance continue to underpin the market.
🔮 What Lies Ahead
The big drop from the highs reflects the shift in Fed expectations. Short‑term support near US$4,000 is clear but resistance at US$4,150 caps upside for now. Unless something big changes or happening or else gold may trade in a tighter range between these two levels.
Disclaimer: For information only, not financial and investment advice. Do your own due diligence.☺️
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