Gold Prices are going down as it got evident on Friday, where XAU/USD slipped again as traders gave up on the idea of a Fed rate cut in December. All week, the metal’s been stuck in a narrow band—not much momentum either way. The market seems confused, honestly. Thursday’s US jobs report only stirred the pot. The numbers blew past expectations, showing the job market’s still running hot. That lines up with the Fed’s recent signals: they’re in no rush to cut rates. The Dollar’s loving it, sticking close to its highest point since May. That strong greenback keeps putting pressure on gold, since it doesn’t pay interest.
Strong Jobs Data Props Up Dollar, But Gold Isn’t Totally Out
The US just added 119,000 jobs in September—way above what most people thought. Wages are still climbing, up 3.8% over the past year, and unemployment nudged up to 4.4%. Put all that together, and it matches what the Fed’s been saying lately: policymakers can’t seem to agree, and now markets see just a 35% shot at a December rate cut, at least if you go by the CME FedWatch Tool.
But the Dollar isn’t running wild. Worries about a possible US government shutdown are still floating around, keeping a lid on growth sentiment. Global stocks look shaky, which gives gold a bit of support, too. And don’t forget the geopolitical risks—Ukraine’s open to US-backed talks, and that kind of headline keeps some safe-haven demand alive for gold, at least for now.
Technical Levels: Caution on Both Sides
Gold’s hanging on above an upward trendline near $4,020, right where the 200-period EMA sits. If it drops below that, expect a quick slide to $4,000, maybe even down to $3,931. investor who expects the price of gold to rise.face a tough climb – hitting $4,100 first is key before eyeing $4,152 to $4,155, possibly even $4,200. Truth is, direction’s unclear now. Whichever side wins, focus matters more than ever.
