According to Jinshi Data, Pepperstone research strategist Dilin Wu said that gold has fluctuated narrowly recently, US economic data has been mixed, and bullish sentiment has a slight advantage.
The upcoming U.S. non-farm payrolls report could be key to the next major move in gold prices. If job growth is below 100,000 and the unemployment rate remains at 4.3%, the market will be inclined to cut interest rates by 50 basis points, which is positive for gold and could spark concerns about a deteriorating economy, further pushing up gold prices.
Stronger employment data would reinforce expectations for a smaller 25 basis point rate cut, keeping gold prices within their current range.