The release of key U.S. economic indicators, particularly Non-Farm Payrolls, could significantly influence gold prices today, with investors awaiting these data before making major decisions.
Key Points
- Gold shows little change today, reflecting continued market consolidation and diminished safe-haven appeal amid a risk-on global market.
- Gold’s price today is highly sensitive to the impending U.S. Non-Farm Payrolls and other economic reports.
- Technical indicators point to a bearish outlook for gold, with a potential further drop if it closes below today’s low.
Gold Daily Price Analysis – 03/05/2024
Gold prices experienced a modest decline yesterday, closing at $2303.800 after opening at $2319.560, reflecting a decrease of 0.68%. The slight drop aligns with the broader trends observed in the precious metals market, where gold has been showing a mix of flat and slightly retreating prices from recent highs.
Despite these movements, analysts from Goldman Sachs maintain an optimistic long-term forecast, projecting that gold could appreciate to around $2,700 by year-end, driven by robust central bank purchases and sustained demand from Asian markets.
Today, gold opened at $2303.800 and has so far marked a minimal change, currently trading around $2299.365, a decrease of 0.19%. This indicates a continuation of the consolidation phase, amidst a risk-on sentiment prevailing in global equity markets, which tend to diminish the appeal of gold as a safe-haven asset.
Key Economic Data and News to Be Released Today
Today’s gold price movement is particularly sensitive to U.S. economic data releases. The market is poised for the upcoming release of the U.S. Non-Farm Payrolls, with expectations set for an addition of 238,000 jobs. This data could significantly sway the Federal Reserve’s stance on interest rates, which in turn influences gold prices.
With the unemployment rate expected to hold steady at 3.8% and other indicators like the Final Services PMI and ISM Services PMI on the horizon, investors are likely adopting a cautious approach, awaiting these figures before making substantial moves
Gold Technical Analysis – 03/05/2024
Gold prices continue to consolidate under a bearish bias as indicated by technical indicators. The price is currently trading below the key technical marker of the 200 Exponential Moving Average. The RSI remains below the mid-line at 50, suggesting that there could be further downside as the market underperforms.
A critical factor for confirming the bearish trend in gold prices would be a close below the current daily low. Such a move would serve as a technical confirmation that bears are in control and could potentially drive prices lower in the near term.
Gold Fibonacci Key Price Levels – 03/05/2024
Short-term traders planning to trade gold today should keep a close eye on the following key price levels for the day:
| Support | Resistance |
| 2289.636 | 2320.937 |
| 2279.967 | 2330.606 |
| 2264.317 | 2346.257 |
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Risk Disclosure: The information provided in this article is not intended to give financial advice, recommend investments, guarantee profits, or shield you from losses. Our content is only for informational purposes and to help you understand the risks and complexity of these markets by providing objective analysis. Before trading, carefully consider your experience, financial goals, and risk tolerance. Trading involves significant potential for financial loss and isn't suitable for everyone.
