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2026-01-09 17:33:22
[Gold Prices Trapped in Narrow Range Ahead of Non-Farm Payrolls Data Release, Bulls and Bears Await Guidance] ⑴ During the first half of the European session, gold prices maintained a slight downward trend, exhibiting an overall range-bound trading pattern, with the market lacking a clear directional momentum. ⑵ Investors are choosing to wait and see before the release of the US non-farm payrolls data, as this key employment data will provide important clues about the Fed's future interest rate path. ⑶ Market expectations are that the data will affect the short-term trend of the US dollar, and dollar fluctuations will provide new directional momentum for gold prices. Currently, the dollar has been rising for two consecutive weeks and has reached a one-month high, putting pressure on gold prices. ⑷ On the other hand, market expectations for further interest rate cuts by the Fed have increased, coupled with continued geopolitical uncertainty, continuing to provide potential support for gold as a safe-haven asset. ⑸ The intertwined fundamental factors make traders unwilling to make new directional bets before the release of key data, resulting in a relatively flat gold price movement. ⑹ The market's focus will be entirely on the upcoming non-farm payrolls data, the performance of which will directly challenge or reinforce existing interest rate cut expectations and may break the current consolidation pattern.
