Technical analysis: Gold prices fell after a slight rebound over the past few days, with the focus shifting to unemployment claims and CPI data.
2025-08-06 18:08:58
On Wednesday (August 6th), spot gold prices surged in early trading before fluctuating and falling, showing an overall pattern of rising and falling prices. In the short term, gold prices, after being driven higher by factors such as the non-farm payroll report, lack sustained upward momentum. Fluctuations are likely to continue ahead of new catalysts such as unemployment claims and CPI data.
Gold continued to rise slightly last Friday, driven by the non-farm payroll data, and retreated today. The market's dovish re-pricing of interest rate expectations provided support for gold.
The next key catalyst will be tomorrow’s US jobless claims data and next week’s US Consumer Price Index (CPI). This non-farm payroll data was below expectations but not as bad as it looked from the market reaction.
Unemployment claims data may ease market concerns about the labor market, while a strong CPI data could bring more uncertainty to market pricing.
In the long term, gold should maintain its upward trend as real yields are likely to continue to decline amid the Fed's easing policy. However, the hawkish repricing of interest rate expectations by the market may continue to trigger a pullback in the short term.
Technical Analysis
(Source of spot gold daily chart: Yihuitong)
As can be seen from the daily chart, after the rebound triggered by the non-farm payroll data, gold continued to rise slightly before a slight correction. The next major resistance level is around $3,438. If gold prices reach this level, sellers are expected to intervene again near the resistance level. They set the price above $3,438 as a clear risk point and look for opportunities to short, targeting a pullback to the $3,245 support level. On the other hand, buyers hope to see gold prices break through this resistance level, thereby increasing bullish bets and hitting new all-time highs.
(Source of spot gold 4-hour chart: Yihuitong)
From the 4-hour chart, we can see that the price of gold has experienced a certain degree of consolidation in the range of $3349 to $3385. Buyers hope to see the price of gold break upward to extend the rise to the key resistance level; while sellers expect the price of gold to break downward and then increase their short positions, with the target of a pullback to the support level of $3245.
At 18:05 Beijing time, spot gold was trading at $3,359.21 an ounce, down 0.63%.
Gold continued to rise slightly last Friday, driven by the non-farm payroll data, and retreated today. The market's dovish re-pricing of interest rate expectations provided support for gold.
The next key catalyst will be tomorrow’s US jobless claims data and next week’s US Consumer Price Index (CPI). This non-farm payroll data was below expectations but not as bad as it looked from the market reaction.
Unemployment claims data may ease market concerns about the labor market, while a strong CPI data could bring more uncertainty to market pricing.
In the long term, gold should maintain its upward trend as real yields are likely to continue to decline amid the Fed's easing policy. However, the hawkish repricing of interest rate expectations by the market may continue to trigger a pullback in the short term.
Technical Analysis
(Source of spot gold daily chart: Yihuitong)
As can be seen from the daily chart, after the rebound triggered by the non-farm payroll data, gold continued to rise slightly before a slight correction. The next major resistance level is around $3,438. If gold prices reach this level, sellers are expected to intervene again near the resistance level. They set the price above $3,438 as a clear risk point and look for opportunities to short, targeting a pullback to the $3,245 support level. On the other hand, buyers hope to see gold prices break through this resistance level, thereby increasing bullish bets and hitting new all-time highs.
(Source of spot gold 4-hour chart: Yihuitong)
From the 4-hour chart, we can see that the price of gold has experienced a certain degree of consolidation in the range of $3349 to $3385. Buyers hope to see the price of gold break upward to extend the rise to the key resistance level; while sellers expect the price of gold to break downward and then increase their short positions, with the target of a pullback to the support level of $3245.
At 18:05 Beijing time, spot gold was trading at $3,359.21 an ounce, down 0.63%.
- Risk Warning and Disclaimer
- The market involves risk, and trading may not be suitable for all investors. This article is for reference only and does not constitute personal investment advice, nor does it take into account certain users’ specific investment objectives, financial situation, or other needs. Any investment decisions made based on this information are at your own risk.
