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Gold keeps gains as US payrolls signal next test
OCBC said a weaker US payrolls print could reinforce lower Fed hike expectations, while a firmer outcome may trigger some profit-taking after gold’s sharp rally.
OCBC analysts Sim Moh Siong and Christopher Wong said gold has held onto most of its recent gains after breaking key resistance, with support coming from lower oil prices, softer US yields, and buying linked to central banks and exchange traded funds.
They noted momentum has cooled as oil’s rebound revives inflation concerns and lifts Treasury yields, leaving Friday’s US payrolls report as the next catalyst for whether the rally can extend.
The duo flagged technical levels to watch, citing resistance at 4,333, linked to the 23.6% Fibonacci retracement of the 2026 high to low, and 4,389 near the 100-day moving average.
OCBC also characterized daily momentum as mildly bullish, but said the rise in RSI has moderated, warning that the outcome of payrolls could shape whether traders lean toward more downside in Fed hike expectations or take profits after the sharp move.
Latest closeGold $4,292.00 ▲1.1%