{"id":23236,"date":"2025-09-03T03:56:58","date_gmt":"2025-09-03T03:56:58","guid":{"rendered":"https:\/\/www.maxainasia.com\/?p=23236"},"modified":"2025-09-03T03:56:58","modified_gmt":"2025-09-03T03:56:58","slug":"daily-commentary-269","status":"publish","type":"post","link":"https:\/\/www.meisheng.asia\/th\/daily-commentary-269-20250903\/","title":{"rendered":"Overbought conditions threaten the GOLD record rally ahead of US data"},"content":{"rendered":"
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Gold refreshes record highs near $3,550, then retreats early Wednesday.<\/strong><\/li>\n\n\n\n
US Dollar holds firm amid renewed haven demand as global bond sell-off intensifies. \u00a0\u00a0\u00a0<\/strong><\/li>\n\n\n\n
Focus shifts to US labor data, with JOLTS Job Openings in immediate focus.<\/strong><\/li>\n\n\n\n
Gold risks a pullback as the RSI remains heavily overbought on the daily chart.<\/strong><\/li>\n<\/ul>\n\n\n\n
Gold is sitting at the highest level on record near $3,550 early Wednesday, bracing for the upcoming US labor data for fresh trading impetus.<\/p>\n\n\n\n
The buying interest in Gold remains unabated with the return of the global bond market crisis, with the long-dated yields surging through the roof and rattling investors\u2019 sentiment.Gold tends to benefit in a risk-averse market environment as it is considered a traditional safe-haven asset.<\/p>\n\n\n\n
Growing concerns over the UK\u2019s fiscal situation fuelled a sharp rally in the 30-year gilt yields on Wednesday, smashing gilts while spilling over into the European and Japanese bond markets.The long-end of the Japanese government bond yields jumped further on the back of fresh political tensions in Japan.<\/p>\n\n\n\n
Amidst brewing political and fiscal crisis in the UK and Japan, investors scurried for safety in traditional safe havens such as Gold, the USD etc.<\/p>\n\n\n\n
Additionally, increasing calls for a jumbo interest rate cut by the US Fed this month, in anticipation of weak US employment data, keep the buoyant tone intact around the non-interest-bearing Gold price alongside lingering Ukraine-Russia geopolitical tensions.<\/p>\n\n\n\n
All eyes now remain on the US JOLTS Job Openings Survey on Wednesday, which will pave the way for a batch of critical US employment data, with the key focus on Friday\u2019s Nonfarm Payrolls data.<\/p>\n\n\n\n
The US jobs data will be key to determining the health of the country\u2019s labor market, which remains a concern for the Fed.<\/p>\n\n\n\n
In the meantime, the record rally in Gold price could be threatened by the parallel surge in the US Dollar. And a strong US JOLTS data could bolster the USD\u2019s recovery rally, eventually curbing Gold\u2019s upside.<\/p>\n\n\n\n
Technically also, Gold risks a pullback as the 14-day RSI remains in a heavily overbought zone. The leading indicator is currently near 75.<\/p>\n\n\n\n
Any corrective declines in Gold could challenge the initial support at the $3,500 round level, below which the previous day\u2019s low of $3,470 will be tested.<\/p>\n\n\n\n
Sellers will then target the weekly low of $3,437 if the downside intensifies.<\/p>\n\n\n\n
However, the Bull Cross of the 21-day SMA and the 50-day SMA could help limit losses.<\/p>\n\n\n\n
If buyers regain poise, the next topside barrier is seen at the $3,550 psychological mark. Further north, all eyes will be on the $3,600 round figure.<\/p>","protected":false},"excerpt":{"rendered":"
Gold is sitting at the highest level on record near $3,550 early Wednesday, bracing for the upcoming US labor data for fresh trading impetus. The buying interest in Gold remains unabated with the return of the global bond market crisis, with the long-dated yields surging through the roof and rattling investors\u2019 sentiment.Gold tends to benefit … <\/p>\n
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