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Gold has been unable to benefit from its modest overnight gains, as traders prefer to refrain from opening new positions ahead of the release of the monthly U.S. employment data. The NonFarm Payrolls (NFP) report will play a key role in shaping market expectations regarding the Fed's rate cut decision. This, in turn, could boost the U.S. dollar, adding fresh pressure on the less attractive yellow metal.
In addition, U.S. economic data published on Thursday pointed to signs of labor market cooling, reinforcing expectations of further interest rate cuts by the Federal Reserve at the end of this month.
Meanwhile, expectations that the Federal Reserve will restart its rate-cutting cycle by the end of this month are forcing dollar bulls into a defensive stance, creating a favorable backdrop for gold prices. Moreover, persistent uncertainty in global trade should help limit the downside for this safe-haven asset.
From a technical standpoint, yesterday's rebound from the 3,510 level favors the bulls, although the RSI suggests waiting for consolidation or a minor pullback before the next upward move.
At the same time, further movement above the 3,565 level will face resistance at the historical high around 3,578–3,579, reached on Wednesday. A breakout beyond that into uncharted territory would allow the precious metal to aim for the round level of 3,600.
On the other hand, a corrective pullback will find support near 3,510 before the psychological level of 3,500. Subsequent selling could pave the way for a deeper correction toward the 3,440–3,450 level, or the breakout point of the trading range. A decisive break below this zone would shift the short-term bias in favor of the bears.
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