Both fundamentals and technicals are bullish, and gold prices have slightly adjusted after hitting a new high.
2025-09-10 00:03:46
Gold prices fell after hitting a new contract/all-time high in early U.S. trading on Tuesday (September 9). Bullish fundamentals and technicals continue to fuel investor and speculator buying interest. December gold futures rose $5.10 to $3,682.50 per ounce, while December silver futures fell $0.557 to $41.345 per ounce.
Gold prices fell after a preliminary downward revision of nearly 1 million jobs in the US, a drop three times the 10-year average and the worst on record.
US stock indices are expected to open slightly higher in New York today. Global stock indices showed mixed performance overnight.
After the data was released at 10:00 AM ET, spot gold briefly surged to a daily high of $3,674.69 per ounce (the December gold futures intraday high was $3,715.2), but within 10 minutes it plummeted to $3,643 per ounce. Spot gold closed at $3,644.70 per ounce, maintaining its daily gain of 0.24%.
While the continued deterioration in the job market should make it easier for the Federal Reserve to cut interest rates this fall, it could also dampen recent gains. Worse still, if Thursday's consumer price index shows a sharp increase in inflation, markets could start to worry about the risk of stagflation.
Overnight news indicated a lack of clear direction for European stock markets today as investors digested France's fiscal repair efforts. The Stoxx 600 index gave up early gains, following market expectations that French Prime Minister François Bayrou would be dismissed, with President Emmanuel Macron planning to appoint a replacement within days. Macron is currently seeking a prime minister who can pass a budget through the deeply divided National Assembly, and the ongoing uncertainty is weighing on French assets. The inability to reach a consensus is suppressing market sentiment and pushing up the risk premium in France.
On Tuesday, the offshore renminbi maintained its recent upward trend against the US dollar, trading at approximately 7.12 per dollar, marking its third consecutive day of gains, driven by a weaker US dollar. The US dollar remains under pressure amid growing market concerns about a cooling US labor market and expectations that the Federal Reserve may begin cutting interest rates as early as next week.
Traders currently expect that there is an 89% probability that the Federal Reserve will implement a 25 basis point interest rate cut at the Federal Open Market Committee (FOMC) meeting next week, and some traders even believe that there is a possibility of a 50 basis point cut.
Today's key external market data showed: the US dollar index fell slightly; crude oil futures prices rose, trading around US$62.75 per barrel; the benchmark 10-year US Treasury bond yield is currently 4.07%.
Today's US economic data releases are light, including the weekly Johnson Redbook retail sales report and the National Federation of Independent Business (NFIB) small business index.
(Comex Gold Daily Chart Source: Yihuitong)
From a technical perspective, December gold futures bulls have a significant overall near-term technical advantage. Bulls' next upside price objective is pushing futures prices above key resistance at $3,750.00. Bears' immediate downside price objective is pushing futures prices below key technical support at $3,550.00. First resistance is seen at $3,700.00, with further resistance at $3,725.00. First support is seen at the overnight low of $3,669.80, with further support at $3,650.00.
December silver futures bulls also have a solid overall near-term technical advantage. A bullish flag pattern has formed on the daily chart. Silver bulls' next upside price objective is closing prices above key technical resistance at $45.00. Bears' immediate downside price objective is closing prices below key support at $38.00. First resistance is seen at this week's high of $42.355, while further resistance is seen at $43.00. First support is seen at this week's low of $41.08, while further support is seen at this week's low of $40.555.
Gold prices fell after a preliminary downward revision of nearly 1 million jobs in the US, a drop three times the 10-year average and the worst on record.
US stock indices are expected to open slightly higher in New York today. Global stock indices showed mixed performance overnight.
After the data was released at 10:00 AM ET, spot gold briefly surged to a daily high of $3,674.69 per ounce (the December gold futures intraday high was $3,715.2), but within 10 minutes it plummeted to $3,643 per ounce. Spot gold closed at $3,644.70 per ounce, maintaining its daily gain of 0.24%.
While the continued deterioration in the job market should make it easier for the Federal Reserve to cut interest rates this fall, it could also dampen recent gains. Worse still, if Thursday's consumer price index shows a sharp increase in inflation, markets could start to worry about the risk of stagflation.
Overnight news indicated a lack of clear direction for European stock markets today as investors digested France's fiscal repair efforts. The Stoxx 600 index gave up early gains, following market expectations that French Prime Minister François Bayrou would be dismissed, with President Emmanuel Macron planning to appoint a replacement within days. Macron is currently seeking a prime minister who can pass a budget through the deeply divided National Assembly, and the ongoing uncertainty is weighing on French assets. The inability to reach a consensus is suppressing market sentiment and pushing up the risk premium in France.
On Tuesday, the offshore renminbi maintained its recent upward trend against the US dollar, trading at approximately 7.12 per dollar, marking its third consecutive day of gains, driven by a weaker US dollar. The US dollar remains under pressure amid growing market concerns about a cooling US labor market and expectations that the Federal Reserve may begin cutting interest rates as early as next week.
Traders currently expect that there is an 89% probability that the Federal Reserve will implement a 25 basis point interest rate cut at the Federal Open Market Committee (FOMC) meeting next week, and some traders even believe that there is a possibility of a 50 basis point cut.
Today's key external market data showed: the US dollar index fell slightly; crude oil futures prices rose, trading around US$62.75 per barrel; the benchmark 10-year US Treasury bond yield is currently 4.07%.
Today's US economic data releases are light, including the weekly Johnson Redbook retail sales report and the National Federation of Independent Business (NFIB) small business index.
(Comex Gold Daily Chart Source: Yihuitong)
From a technical perspective, December gold futures bulls have a significant overall near-term technical advantage. Bulls' next upside price objective is pushing futures prices above key resistance at $3,750.00. Bears' immediate downside price objective is pushing futures prices below key technical support at $3,550.00. First resistance is seen at $3,700.00, with further resistance at $3,725.00. First support is seen at the overnight low of $3,669.80, with further support at $3,650.00.
December silver futures bulls also have a solid overall near-term technical advantage. A bullish flag pattern has formed on the daily chart. Silver bulls' next upside price objective is closing prices above key technical resistance at $45.00. Bears' immediate downside price objective is closing prices below key support at $38.00. First resistance is seen at this week's high of $42.355, while further resistance is seen at $43.00. First support is seen at this week's low of $41.08, while further support is seen at this week's low of $40.555.
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