GOLD resumes the upside, fresh record highs and counting
Gold kicks off the US Nonfarm Payrolls week with a bang, printing fresh record highs.
US Dollar loses further ground on US government shutdown fears, Fed easing prospects.
Technically, Gold appears a ‘buy-the-dips’ trade amid extreme overbought conditions.
Gold has resumed its record-setting rally, setting off a new week with a bang, as buyers challenge the $3,800 hurdle for the first time ever.
Investors scurry for safety in the traditional store of value, Gold, as fears over a US government shutdown, heading into the first day of the government’s 2026 fiscal year on October 1, intensify, weighing on the demand for the US Dollar.
Traders also remain wary about whether the September US labor market report will be published if the US government shuts down.
Meanwhile, markets pay little attention to an Axios report, citing that US President Trump and his Israeli counterpart Netanyahu near a Gaza peace agreement, although Hamas approval seems pending. The report is not yet confirmed by official sources.
Last week, a slew of encouraging US data releases showed the economic resilience, pushing back against expectations of two US Fed interest rate cuts this year.
Markets are now pricing in about 40 basis points worth of easing by December, according to Refinitiv’s USD interest rate probabilities.
Attention now turns to figures on Job Openings, private payrolls, the ISM Manufacturing and Services PMIs ahead of NFP for further clues on the health of the US economy, which will help reprice markets’ expectations of future Fed rate cuts, in turn, influencing the USD-denominated and non-interest-bearing Gold.
In the meantime, trade and geopolitical headlines will likely drive the Gold price action alongside speeches from Fed officials.
Daily technical analysis
Technically, buyers appear defiant even as the 14-day RSI moves deeper within the extreme overbought region.The leading indicator currently trades at 77, pointing north at the start of the week.
Buyers need acceptance above the $3,800 psychological level on a daily closing basis to provide extra legs to the revival of the record rally.The next topside hurdle is located at the $3,850 barrier.
A sustained and decisive break above the latter could fuel a fresh advance toward the $3,880 region.
On the flip side, initial support is seen at the intraday low of $3,756, below which the September 24 low at $3,718 could offer some comfort to buyers.
Further down, the $3,650 psychological barrier would act as a tough nut to crack for sellers.
GOLD resumes the upside, fresh record highs and counting
Gold has resumed its record-setting rally, setting off a new week with a bang, as buyers challenge the $3,800 hurdle for the first time ever.
Investors scurry for safety in the traditional store of value, Gold, as fears over a US government shutdown, heading into the first day of the government’s 2026 fiscal year on October 1, intensify, weighing on the demand for the US Dollar.
Traders also remain wary about whether the September US labor market report will be published if the US government shuts down.
Meanwhile, markets pay little attention to an Axios report, citing that US President Trump and his Israeli counterpart Netanyahu near a Gaza peace agreement, although Hamas approval seems pending. The report is not yet confirmed by official sources.
Last week, a slew of encouraging US data releases showed the economic resilience, pushing back against expectations of two US Fed interest rate cuts this year.
Markets are now pricing in about 40 basis points worth of easing by December, according to Refinitiv’s USD interest rate probabilities.
Attention now turns to figures on Job Openings, private payrolls, the ISM Manufacturing and Services PMIs ahead of NFP for further clues on the health of the US economy, which will help reprice markets’ expectations of future Fed rate cuts, in turn, influencing the USD-denominated and non-interest-bearing Gold.
In the meantime, trade and geopolitical headlines will likely drive the Gold price action alongside speeches from Fed officials.
Daily technical analysis
Technically, buyers appear defiant even as the 14-day RSI moves deeper within the extreme overbought region.The leading indicator currently trades at 77, pointing north at the start of the week.
Buyers need acceptance above the $3,800 psychological level on a daily closing basis to provide extra legs to the revival of the record rally.The next topside hurdle is located at the $3,850 barrier.
A sustained and decisive break above the latter could fuel a fresh advance toward the $3,880 region.
On the flip side, initial support is seen at the intraday low of $3,756, below which the September 24 low at $3,718 could offer some comfort to buyers.
Further down, the $3,650 psychological barrier would act as a tough nut to crack for sellers.
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